Home Prices Continue to Reflect an Improving Housing Market

According to a recent CoreLogic report, home prices have continued to be on the rise. The report further predicts that home prices are likely to continue to rise.

Overall, the CoreLogic report found that home prices increased by 8.3 percent when comparing December 2012 to December 2011. These figures represent the greatest gain in home prices since May 2006. Furthermore, every state but Delaware, Illinois, New Jersey and Pennsylvania posted a price increase during this same time period.

Real Estate Agent Kevin Koitz of The Koitz Group points out, “When comparing month-to-month statistics, the CoreLogic report found that prices increased by 0.4 percent when comparing December to November. This increase represents the tenth consecutive month when prices have increased. When excluding foreclosures and short sales, which are typically sold at well below market price, housing prices increased by 0.9 percent when comparing month-over-month statistics.”

The top five houses in terms of rising prices included:

• Arizona – a 20 percent increase in housing prices
• Nevada – a 15.3 percent increase in housing prices
• Idaho – a 14.6 percent increase in housing prices
• California – a 12.6 percent increase in housing prices
• Hawaii – a 12.5 percent increase in housing prices

CoreLogic further predicts that housing prices will increase by 7.9 percent when comparing January 2013 figures to January of the previous year. While month over month prices are likely to decline by one percent due to the seasonal winter slowdown, the general trend toward increased prices is expected to continue.

About the Author – Ray Nemec is a Realtor who writes for therealtyjournal.com in his spare time.