Corelogic just released some exciting news from the national housing market: Home prices are back on the rise!
The real estate data provider reported that home prices increased 0.9 percent in January after falling 0.1 percent in December.
And this is indicative of a larger trend, Corelogic reported. After all, over the last 12 months, prices have actually risen a total of 12 percent, which is the biggest year-over-year gain in over eight years!
Home sellers are sure to be encouraged by this recent development because it means that they have a better chance of getting the price they want for their property.
Housing Market Gaining Strength, According to Recent Data
Here’s an overview of recent activity on the national housing market:
- Although home prices increased, total home sales actually dropped in January. The National Association of Realtors reported that sales dropped to their lowest level in 18 months.
- However, the total number of available homes for sale remained low, which is why experts believe prices increased, at least in part.
- The average rate on a 30-year mortgage showed a 1 percent year-over-year increase, which means that home buying costs are a little higher.
- Meanwhile, builders started working on 16 percent fewer homes in January when compared to December. That marks the second straight month for decline.
- Despite recent increases, national home prices are still 17 percent lower than when they were at the peak of the housing market bubble in April 2006.
- In three states (Louisiana, Nebraska and Texas), prices have set highs. Meanwhile, in 19 additional states, prices are within 10 percent of their peaks.
- Those states with the largest year-over-year price gains in January were: Nevada (up 22.2 percent), California (up 20.3 percent), Oregon (up 14.3 percent), Michigan (up 13.7 percent) and Georgia (up 13.4 percent).
- Mississippi was the only state to show declines in home prices.
Homes With Negative Equity are Decreasing
Also recently, Core Logic reported that a total of 4 million U.S. homes returned to positive equity in 2013.
This means that the total number of mortgaged residential properties in the country is now at 42.7 million!
Meanwhile, roughly 6.5 million homes (or about 13.3 percent of all mortgaged homes in the country), still had negative equity by the end of 2013.
The decrease in homes with negative equity is another piece of good news for home sellers because it means that home prices throughout the community will be on the rise! And that is sure to affect the price they can get for their own property.
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Check back to our website on April 1 for more pertinent national real estate news that affects you.
After all, one of the keys to ensuring a successful outcome on the local housing market is to enter it as an informed and prepared buyer or seller.