September 17th, 2015 
Home prices across the U.S. continue to rise, but buyers don’t care. They’re still buying ‘em up left and right, with a promise that today’s investment will become tomorrow’s return of investment.
The numbers don’t lie.
Existing home sales rose by 10 percent this July, compared to last year, according to NAR. New home sales rose by 26 percent this July when compared to last year’s, according to a recent Census Bureau report. Prices aren’t expected to slow down anytime soon.
Home prices are predicted to rise by 4.7 percent during the next year. So, what does this all mean for potential home owners? Answer: Equity.
Get ahold of these stats.
The total home equity in the U.S. has increased by almost $1 trillion to its highest level since 2007, according to the 2015 Mortgage Monitor Report by Black Knight Financial. The average American homeowner with a mortgage has about $19,000 more equity in the home than they had a year ago.
“Low mortgage rates and stronger consumer confidence are supporting a resurgence in home sales of late,” said Anand Nallathambi, president and CEO of CoreLogic. “Adding to overall housing demand is the benefit of a better labor market which has provided millennials the financial independence to form new households and escape ever rising rental costs.”
Back home, West Virginia is prospering too. The Mountain State boasts a 73.4 percent homeownership rate, according to recent statistics from the US Census. That’s nearly 10 percent higher than the nation as a whole.
In West Virginia, the economy seems to be stable, leading to a renewed confidence in home buyers. The housing market is responding with a steady demand, even with fall approaching.
And the upcoming months look to hang on a positive note, hinging on 30-year fixed mortgage rates of 4 percent or less for qualified home buyers and the promise of a solid return of investment.
Buying a home today could just yield you a solid return tomorrow.
