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National Home Prices Make Largest Leap in 7 Years
National Home Prices Make Largest Leap in 7 Years

 
Wednesday, March 06, 2013
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Core Logic released its analysis of home prices from January and they have risen by 9.7% which is the largest annual increase since April 2006. The Core Logic index measures the sales of pre-owned single family homes and in the month of January they recorded an increase of .7% from December. This increase also marks the 11th consecutive month of increases. President of Core Logic, Anand Nallathambi released this statement, via Inman News, "Home prices continued to gather steam across a broad swath of the country in January, continuing the positive trend we saw during most of 2012.Many states across the western U.S. and along the East Coast saw average price gains of more than 6 percent, which is likely to boost home sale activity into the first half of 2013."

In addition to the report from Core Logic, Trulia.com reported that the asking prices for homes in February were up in 90 out of 100 markets. The Trulia.com report included 4.5 million homes for sale and for rent up to February 28, and tabulated that asking prices were up 7% from last year and had grown 1.4%, which was adjusted seasonally. Inventory is still tight nationally, and especially in Fort Lauderdale, and Trulia’s chief economist, Jed Kolko, released this statement regarding the projected future of national inventory, "The inventory turnaround depends not only on how fast prices are rising today, but also whether prices have been rising long enough to encourage homeowners to sell and builders to build.” Builder confidence is at a high and across South Florida, especially in waterfront condo markets, there are new projects being moved forward. The spring home-buying season will kick off shortly and I am pleased to show what is available in the single family home market as well as waterfront condominium market in Fort Lauderdale. If you are looking to sell, it is an excellent time and condos and being sold in record time. I am happy to provide a complimentary market analysis.

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