Encouraging news out in real estate market

April 30, 2013 5:55:50 PM PDT
There is more encouraging news out in real estate markets across the country. 7 On Your Side takes a look at what it could mean for California homeowners.

It's a good time to sell your house. Home prices in 20 major markets are at their highest in seven years. You can bet the San Francisco Bay Area is on the list.

The S & P/Case-Shiller home price index calculated growth rates for a 12 month period ending last February. They looked at 20 major markets and found home prices went up 9.3 percent.

The housing recovery's been driven by near record low mortgage rates, lower unemployment and more buyers than sellers.

This last factor is a big one in California and the Bay Area where the inventory of homes on the market is one of the tightest in the country.