Where's the housing market headed in Central Florida?
U.S. home prices are soaring.In April, prices rose at the fastest pace since 2005.The Case Shiller Home Price Index says prices jumped nearly 15 percent in April from the previous year.That's up from a 13.3% annual gain in March.Economists and real estate experts say the historic run-up in prices is caused by rising demand, as the pandemic led Americans to increase their living space or move.That demand has also been fueled by low mortgage rates. A Zillow spokeswoman says there's no evidence that the local seller's market is cooling. "We still have a lot of demographic factors keeping demand really strong, millennials buying their first home, baby boomers downsizing and transacting right now, so those kind of demographic factors are going to be around for the foreseeable future," she said.Experts do predict the spike in home prices will slow as inventory starts to rise. U.S. home prices are soaring. In April, prices rose at the fastest pace since 2005. Advertisement  The Case Shiller Home Price Index says prices jumped nearly 15 percent in April from the previous year. That's up from a 13.3% annual gain in March. Economists and real estate experts say the historic run-up in prices is caused by rising demand, as the pandemic led Americans to increase their living space or move. That demand has also been fueled by low mortgage rates. A Zillow spokeswoman says there's no evidence that the local seller's market is cooling. "We still have a lot of demographic factors keeping demand really strong, millennials buying their first home, baby boomers downsizing and transacting right now, so those kind of demographic factors are going to be around for the foreseeable future," she said. Experts do predict the spike in home prices will slow as inventory starts to rise.