US Home Values: Highest In Years
As the United States make a strong recovery in the housing market, CoreLogic company has released the most recent figures for home values relative to previous months and market-trends.
In a typical upswinging market, we are seeing some of the signs that indicate increased values and positive market progress. The most notable of these signs is a noticeable low inventory, which is inevitably driving prices and home values up.
According to CoreLogic, home prices have gone up 12.2% from May 2012 to May 2013. This increase is the largest price spike since 2006, with only more increases projected to come. June was expected to see a 13.2% yearly increase with expected jumps to take place throughout summer.
Leading the price increase pack was Nevada with 26% increase, followed by California with 20.2%, Arizona with 16.9%, Hawaii at 16.1%, and Oregon with 15.5%. These numbers include distressed, or short sale and foreclosed, homes. Figures are similar for values without distressed properties, with Nevada increasing 23%, California 18.5%, Arizona 14.7%, Idaho 13.2%, and Oregon also with 13.2% price increases.
The greatest marked declines in home values, from the peak of the market to the current market, went to Nevada at negative 45.6%, Florida 39.2%, Arizona 34.8%, Michigan 33.3%, and Rhode Island with 31.3% decreases.
At this rate, US home values will be back to where it was in the height of the market, or possibly above, in the coming summer months and through the year.
Can you see the current market upswing in your area? How does this market recovery affect your current position in your marketplace? Does this change your perspective to buy, sell, or hold off on a transaction?
Let us know your thoughts and answers in the comment section below.
Photo Courtesy of woodleywonderworks’ Flickr