Wednesday, July 3, 2013

Home Prices on the Rise

Yes Home Prices are on the Rise.

     Do the shortage of homes to sell, prices are creeping up. It's all about supply and demand. There are more buyers then sellers... so multiple offers for the same home has become the norm. Buyers assuming the highest price is going to win (which sometimes is the case) will offer asking price or higher than asking price in hopes of getting the home of their dreams. That raises the bar for the next comparable home going on the market. But wait there's more. Interest rates are starting to climb. This is creating an even greater rush to purchase. So all in all ..... it should be a pretty busy summer in the real estate market. Below I've posted an article from the National Association of Realtors on line magazine. Anyway ..... Happy Fourth of July to all. Hope it's a great and safe one.


Home Prices Post Biggest Jump in 7 Years

Home prices are moving up at a quicker pace, rising in May by their largest annual amount in more than seven years with more to come, according to the latest report released by CoreLogic.
Home prices increased 2.6 percent in May over April and have shot up 12.2 percent compared to last year’s prices. CoreLogic economists are predicting that home prices will rise by another 2.9 percent in June, making the yearly price gain 13.2 percent year-over-year.
Tight inventories of homes for sale across the nation have pushed home prices higher, according to CoreLogic.
“Home price appreciation, particularly in much of the western half of the U.S., is increasing at a torrid pace,” says Anand Nallathambi, president and CEO of CoreLogic. “Across the country, pent-up demand and continued low interest rates are fueling strong demand for a limited inventory of properties. We expect that trend to continue to drive up prices throughout the balance of the summer months.”
When including distressed sales, the following five states have seen the highest home appreciation in the past year, according to CoreLogic:
  • Nevada: +26%
  • California: +20.2%
  • Arizona: +16.9%
  • Hawaii: +16.1%
  • Oregon: +15.5%

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