Paul's Appraisal Blog

    This apparently is the second unexpected increase in the past three months. April's index rebounded 7.1% after the seven-year index hit an all-time low in March. The consensus was expecting the PHSI to fall by 1.0% in the month, with estimates ranging from -3.0% to +3.5%.

    The article said that each of the four regions saw improvement in the month as sales in the Midwest rose 1.3%, the South rose 9.3%, the West advanced 4.6% and the Northeast posted a 3.4% gain.

    The PHSI looks at home sales that have been signed but not finalized, a process that takes another month or two. The value of the index lies in its ability to forecast existing home sales, which represent eight-tenths of the market.

    Perhaps we are starting to see a little light at the end of the tunnel! I guess home prices are getting so low that people can't resist purchasing. If you're thinking about buying a home, now would certainly be a good time to do it. Interest rates seem to be inching up, and your dream home may get snapped up while you're waiting for the "bottom of the market" . What do you think?  Give me a call at 760-525-2742 or send an email at paulmcewen@cox.net and let me know.