Evidently, CoreLogic Home Price Index recently reported that U.S. home prices have increased in nearly all major cities, and were up 12.4 percent year-over-year in August.
This is encouraging news for anyone hoping to sell their home soon.
U.S. Home Prices Are On the Rise!
Here are three encouraging signs for the US housing market:
- Home prices increased month-over-month throughout the summer
- The proportion of distressed homes on local markets has been declining
- Home values are seeing year-over-year gains
More specifically, here’s a look at recent activity on the U.S. housing market:
- Home prices increased 1.8 percent between June and July.
- August saw a 0.9 percent increase in home prices
- Nevada saw the largest increase in home prices, with a 25.9 percent year-over-year home price increase.
- Nevada was followed by California, Arizona, Utah and Florida respectively in terms of home price appreciation.
- For metropolitan areas, San Bernandino and Los Angeles in California saw more than a 20 percent year-over-year increase in August. That makes them some of the highest jumpers in price appreciation.
- Out of the 100 largest cities, Akron, Ohio, was the only one to see prices decrease.
- New Mexico had the smallest appreciation, with just a 1.54 percent increase, followed by Vermont, Delaware, West Virginia and Kentucky. Those states had between a 2 and 3 percent increase.
- All of the above statistics factored in distressed sales. But if you take those out, home prices increased by 11.2 percent year-over-year in August 2013
- Still, home prices remain 17.1 percent below their peak in April 2006.
- Analysts remain optimistic about the future, predicting a 12.7 percent price hike for September.
Your New Albany REALTORS®
Please contact us, Kate & Tony Thomas at 614-939-8945 for valuable resources for buying or selling your home, to schedule a showing, or with any questions you may have about real estate in New Albany, Ohio.
Until next time,
Kate & Tony