According to the latest home data index released by Clear Capital, home prices began to increase just as the nation was waving goodbye to the month of January. The increase in home prices is the first one observed since last August, but representatives at Clear Capital are only cautiously optimistic.
"This recent national change in price direction is encouraging for the overall housing sector, yet it is still too early to determine whether this current uptick in home prices is a temporary reprieve or the start of a sustained recovery," said Dr. Alex Villacorta, senior statistician at Clear Capital.
Though Clear Capital may not want to get people's hopes up, the end of the month increase may be indicative of a changing tide, because home prices typically slide in a year's first quarter. Overall, January was no different, as national home sales prices fell quarter-over-quarter by 1.6 percent. But again, prices started to increase just as the month came to an end.
Clear Capital's latest report joins a wealth of others released last month indicating the housing market may have finally reached bottom.
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