Home Prices Up in Montana and Across the U.S. - KFBB.com News, Sports and Weather

Home Prices Up in Montana and Across the U.S.

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In Missoula, the median sales price of a home has only moved up about 3%, but realtors say the local market didn't completely bottom out when the housing bubble burst back in 2008. Still, more buyers are bidding on a tighter supply of homes everywhere, including Missoula.  Realtors say this drives prices up, and helps the housing market recover.

Missoula Organization of Realtors, Brint Wahlberg says, "It's better to be looking now and aggressively shopping for home than waiting for another year, year and a half, when who knows where interest rates will be."

Real estate experts say near-record low mortgage rates are also encouraging people to purchase homes.  They say increased prices mean builders are more willing to ramp up construction. Plus, applications for building permits rose in April to the highest level in nearly five years.

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