The National Association of Realtors (NAR) reported that in the first quarter of 2012, the median existing single-family home price, or final sales price, rose in 74 of the 146 metro areas (51 percent) that the association monitors.
Housing inventory levels have been shrinking across the U.S., leading to bidding wars and modest upward pressure on prices in some areas. The data reinforces a notion already asserted by many economists, real estate agents, and investors that 2012 is the year of the bottom.
This spring the housing market is responding to an improving balance between real estate supply and demand which is causing stabilization in home prices, according to the chief economist for CoreLogic.
Economists are also saying that now is the time to buy a house. For those who are renting, it’s a good time to get back in the housing market with prices currently bottomed out and beginning to rise in some areas. It’s now cheaper to buy than rent, especially for those seeking Denver homes. The weight of the monthly mortgage bill is the lightest it’s been in decades. In fact, now is the best time to buy Denver real estate than at any time in the past 40 years.