JUPITER, Fla. (PRWEB) February 18, 2013
Fourth-quarter home prices set an impressive record in 2012, as they shot up in value at a rate not seen since 2005, the National Association of Realtors reported this week.
The fastest escalation in home prices in the three-month period positively impacted 133 out of the 152 major metropolitan areas the National Association of Realtors follows. According to the figures, the median price of a single-family home came in at $178,900 at the end of last year, compared with $162,600 at the end of 2011.That marks a 10-pecent increase.
When compared with the boom year of 2005, the 10-percent increase looks rosy. Median prices of U.S. homes increase 13.6 percent in the fourth quarter of that year. The National Association of Realtors analyzes home prices based on median values, as opposed to average values, because averages can be misleading when, for example, one of the homes for sale on Jupiter Island sells for millions of dollars, skewing the data.
In the world of condominiums, the median price hit the books at $179,900 in the fourth quarter of 2012, which is an increase of 12.2 percent compared with the fourth quarter of 2011, the National Association of Realtors said. Condos for sale in Juno Beach reflect the trend.
The usual factors in play that continue to contribute to the improving real-estate market are lower-than-expected inventories, bottom-of-the-barrel interest rates and rising home sales. The way Lawrence Yun, chief economist for the National Association of Realtors, sees it, the good times are rolling in because of dynamics that include a growing population, lower unemployment and a Housing Affordability Index that reached record highs in 2012.
Waterfront Properties and Club Communities is seeing its market, which includes southeast Florida real estate, make strong strides on the road to recovery. The licensed brokerage has been closing on transactions on an almost-daily basis in the first quarter of this year, which is prime buying season in the area.