The graphs below use recent monthly reports from three sources to show the worst home price declines are already behind us, and home prices are appreciating nationally.

That all three reports show prices have been going up for three-plus straight months is a good sign for the housing market.  The month-over-month data indicates that home prices are rising.

Experts believe one of the reasons prices didn’t crash is because there aren’t enough available homes for the number of people who want to buy them.  Even with today’s mortgage rates, there are more people looking to buy than there are homes available for sale.

If you’re a buyer and you’ve been holding off on buying because you were worried the value of your home would go down, knowing that home prices have bounced back should bring you some relief. It also gives you the opportunity to own something that historically becomes more valuable as time goes on.

If you’re a seller and you’ve been waiting to sell your house because you were concerned about how changing home prices would affect its value, it might be a good time to team up with a professional real estate agent to list your property. The latest data suggest things are turning in your favor. 

If you delayed your moving plans because you were concerned about home prices dropping the latest data shows the worst is over, and prices are appreciating nationally. 

Mid Year Santa Barbara Real Estate Update