There is more good news for the U.S. housing market. Home prices continued on their upward trajectory in June, according to the latest S&P Case-Shiller Home Price Index, beating analysts' expectations by a small margin.
The price of a single-family home was up 0.9 percent from May on a seasonally adjusted basis and up 0.5 percent from June of last year. It is the first year-over-year gain since 2010 and if you exclude the first-time homebuyer tax credit it is the first year-over-year increase since 2006.
So is now the time to buy (before prices creep higher)?
"We seem to have upward momentum...but there are a lot of clouds on the horizon too," says Robert Shiller, economics professor at Yale and co-creator of the widely-followed index. Shiller says there is really no way to know if home prices will continue to rise in the near future.
The "storm clouds" affecting prices include:
- The European debt crisis
- Weakening economies in Asia
- The so-called