Though real estate is very much a local market, the S&P Case-Shiller graph above tracks improvement in prices from January 2012. It is very clear that
the prices are rising at a rapid rate.
The cause for the rise is the shortage in inventory combined with a surge of pent up demand(buyers coming out of the woodwork!).
This is evident in the graphs below showing the rising pending Home Sales since January 2012 and the more telling second graph on Pending Home Sales.
The second graph notes how 2103 as been above the '100' healthy market mark while 2011 and 2012 struggled to make the mark though the market improved thorough out the period.
Even with rising interest rates this trend has been unabated.
So what will you do???