COLUMBUS, Ga.- If you live in Columbus listen up! Homes across the city are gaining value.
News 3 reports new data from financial and property experts at Corelogic.
Home prices in Columbus rose by 2.3% in July. That’s compared to July 2015.
On a month to month basis, home prices increased by three percent in july– that’s compared to June.
National home prices increased by 6% in July. That’s compared to July of last year.
When it comes to a month to month comparison national home prices increased by 1.1% from June to July of this year.
We caught up with a realtor in Columbus to explain what this means for the economy.
“That’s a very good thing and we think the main reason that it’s true because the interest rate went down to three and a quarter to three and a half for your government loans. For conventional it’s like three and a half…three and three quarters. When that happens people who are thinking about buying, and particularly with the election coming up not knowing what that’s going to mean to our economy…they’re getting off the fence and they’re going ahead and buying,” says Jean Pender, Remax Realtor.
Corelogic Chief Economist Frank Nothaft is also putting this data into perspective this morning.
He says quote, “If mortgage rates continue to remain relatively low and job growth continues, as most forecasters expect then home purchases are likely to rise in the coming year.”