Home Prices Likely Continue to Rise

Most homeowners across this country have been enjoying an upswing in their home values, and home-sale prices.  And--- they are expected to continue rising for at least the next several months, according to CoreLogic’s latest Home Price Index Report.
CoreLogic  analyzed the  data through February, showing home prices—including distressed sales—were an average of 12.2% higher compared to the same time last year. Present home prices show the highest annual appreciation gains in these five states:

• California – 19.8%
• Nevada – 18.5%
• Georgia – 14.2%
• Oregon – 13.8%
• Michigan – 13.5%

The CoreLogic's report predicted home prices, when including distressed properties-- would see a rise of 10.5% from March 2013 to March 2014.  Excluding distressed properties, the prices were expected to rise 9.3%.
Prices are expected to continue to rise over the next several months, leveling off by the end of the year.
Homes have increased  for the last 24 consecutive months, although by the end of February,  were still 16.9% below the peak levels reached in April 2006, according to CoreLogic.
Realtor.com®’s National Housing Trend Report for February 2014 showed home sellers’ growing confidence in the market as the number of homes for sale increased,-- traditional sales out-numbering  short sales and REO's did not dominate the market.
“The number of properties for sale in February rose 10.1% above February 2013 levels, to 1,744,032 units,” the realtor.com® report said. “The median list price at $199,000 increased 7.6% compared to the same month last year, and the median age of inventory increased 6.5% above year-ago figures, to 114 days.”
The top five areas showing the highest number of active listings in the realtor.com® report were:

• Chicago
• Dallas
• Detroit
• Los Angeles-Long Beach
• Atlanta

“Although prices should remain strong in the near term due to a short supply of homes on the market, price increases should moderate over the next year as home equity releases pent-up supply,” Mark Fleming, chief economist for CoreLogic, said in a statement.
Finally, homeowners who struggled to build equity in their homes during the recession may be able to breathe a sigh of relief  as the market continues to stabilize and buyers and sellers continue to gain confidence.
Homeowners looking to sell their homes have adequate time to prepare their home, find a REALTOR®, and start the selling process, based on based on CoreLogic’s report, which  expects month-to-month price growth nationwide until at least the end of the year.

As I am blogging this, there are just shy of 26,700 Active Listings in the Phoenix area, Normal for this area is about 30-33thousand...

Joanne

www.REhomehelp.info