National Home Prices Show Largest Increase in Six Years

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The Real Estate Marketing Insider remarks about new data from market research firm CoreLogic that shows a year-over-year increase in national home prices, the largest such increase since 2006.

REMI released their statement regarding news about the rise in home prices announced by market research firm CoreLogic, stating their opinion that it could help home sellers as the housing market recovers from historic lows.

According to Mainline Media, CoreLogic, a market research firm, released data on October 2nd that showed the largest year-to-year increase in home prices since 2006, before the collapse of the housing market. In August 2012, the national price average was 4.6 percent higher than in August 2011. Eight states in America saw an increase between 2 and 4 percent, and only six experienced a drop; the remainder showed increases below 2 precent. While this data is difficult to extrapolate to local and regional home sales, itʼs still good news for marketing for realtors and prospective home sellers in the United States.

Realtors have had concerns about home prices for some time; according to some interviewed, home prices began weakening shortly after the housing bubble burst in late 2008; by February 2009, the price for homes had decreased nearly 20 percent from one year before. At the same time, realtors also noticed a halt in sales, resulting in a market filled with unwanted, underpriced properties. Recently, however, prices are rising and homes within a middleground price range are selling; the CoreLogic data also noted increases in home sales nationally.

However, this growth is not universal; the spike in home sales doesnʼt extend to luxury properties or beach rentals San Diego, primarily properties retailing for upwards of $1 million. In Pennsylvania, itʼs reported that realtors have a six-month inventory of million-dollar properties that remain for sale.

The trend of growth is expected to continue, though, and could very well begin to affect high-end properties. CoreLogic, the firm that conducted the research, is anticipating that September numbers, to be released next month, will indicate a continued rise in prices and sales, to the tune of almost 5 percent. This forecast is based on not only Augustʼs findings, but a trend over the past few months of rising prices and stabilization of sales. CoreLogic CEO Anand Nallathambi says in his press release that this data is hopefully pointing to a “progressive rebound in the residential housing market.”

The Real Estate Marketing Insider released a statement following the reporting of new housing market statistics. The national averages for home prices and sales continued to rise in September of this year, with the national pricing average experiencing its highest year-to-year increase since 2006.

About Real Estate Marketing Insider:
Real Estate Marketing Insider provides online news, tips, and trend analysis to real estate professionals. The online journal is based in La Jolla, CA.

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