National home prices on the rise

Home price trends could mean that families planning on moving might be able to sell their home for more than they expected.

Nationally, home prices in the second quarter were 4.4 percent higher than they were the previous quarter, according to a report by Standard & Poor's. The S&P/Case-Shiller Index also indicated that nationwide home prices were 3.6 higher than they were during the same time period one year ago, a potential boon for home sellers who intend on moving soon.

But while they might fetch more on their home if they were able to sell today, recent home sales trends could indicate that there are fewer buyers on the market, said Standard & Poor's David Blitzer. "The homebuyers tax credit has expired, foreclosures are still at high levels, and July data on home sales and starts were very, very weak. The inventory of unsold homes and months' supply data were particularly troubling. If this relative weakness in demand continues, it will likely filter through to home prices in coming months."

In order to best market their property, moving home sellers are advised not to overprice their home during its first week on the market with plans to adjust it later. According to the Wall Street Journal, a report by Seattle-based Redfin indicated that most internet home listings receive their most traffic during the first week.


More News