For the most part home prices are on the rise on a
national perspective. Just last week the
Association of Realtors, NAR, reported that the average home
price rose 10% to $180,000. This reflects 4th quarter to 4th
quarter in 2011 to 2012.
NAR compared 152
markets in the US. In the
4th quarter of 2011, only 29 of those markets started to show price
gains. By the 3rd quarter of
2012 that number jumped to 120 markets showing price gains. According to the NAR, 133 of those 152
markets have seen increases in home prices, where only 19 showed prices
continuing to fall.
Chief Economist of the National Association
of Realtors, Lawrence Yun, says, “Home sales are on a sustained uptrend. Home sales are being fueled by a pent-up
demand and job creation, along with still favorable affordability conditions
and rents rising at faster rates. Our population has been growing faster than
overall housing stock, so supply and demand dynamics are very much at play.”
The top 5 markets that showed the most
progress were; Phoenix - 34%, Detroit - 31%, San Francisco - 28%, Cape Coral,
FL - 26%, and San Jose – 25%. Western
states saw the most growth overall. 2
markets in Illinois were among the 19 markets that were showing declining
prices, Kankakee - negative 7%, and Rockford – just under negative 5%.