MYRTLE BEACH, SC (WMBF) - If you're looking to sell your house, financial experts have some good news. Housing prices for an index of 20 of the country's biggest cities rose during the summer months of June and July.
Housing prices for the month of July were up 1.2 percent compared to the same month last year.
Real estate expert Blake Sloan said first time home buyers have more confidence to purchase a home than compared to recent years.
"We are seeing confidence from the buyers said because interest rates are so low," said Sloan. "There's always that pride of ownership and now they can buy a house for less than they rent in regards to monthly costs."
Financial experts say fewer foreclosures and record low mortgage interest rates are driving the increase in home prices.
Although experts say it's been a good summer for the housing market with this increase in home prices, Sloan added next year things could be different. He said prices could drop, albeit slightly, when more homes are put on the market by larger banks.
"It's a classic case of supply and demand," said Sloan. "When you see supply come up and demand stay where it's at you'll probably see prices drop a small amount."
In addition to being along the same lines in terms of average rising costs, Sloan said sales for single family homes in Myrtle Beach during the month of August were up more than 13 percent compared to the same month last year.