National Real Estate - Home Prices Up in Q3



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Home Prices Up in Q3

 
While mortgage rates have remained near record lows, home prices have been on the rise throughout much of the year. A new release from the Federal Housing Finance Agency reveals house prices were up 1.1 percent in the third quarter when compared to the second this year.

Thursday, December 13th, 2012


While mortgage rates have remained near record lows, home prices have been on the rise throughout much of the year. A new release from the Federal Housing Finance Agency reveals house prices were up 1.1 percent in the third quarter when compared to the second this year.

Additional information from the seasonally adjusted purchase-only House Price Index shows seasonally adjusted prices were up 4 percent on a year-over-year basis, while the monthly index for September increased just 0.2 percent from August. According to the HPI report, 39 states along with the District of Columbia posted notable gains in prices.

When looking at home prices per region, the Mountain census division posted a 3 percent gain in the third quarter, marking the greatest increase of the nine areas when compared to prices from the second quarter. When compared to the third quarter of last year, the Mountain division posted a 10.47 percent jump in prices. While many areas posted higher home prices on both a quarter-over-quarter and year-over-year basis, prices dropped 0.2 percent in the East South Central Division.

Home prices increased a generous amount in Arizona, where they inflated 20.06 percent over the last 12 months and 5.37 percent from the second quarter. In Florida, home prices moved forward 7.86 percent on a year-over-year basis and were up 2.16 percent when compared to the previous quarter.

While a large number of foreclosures and short sales in states including Arizona, California and Florida previously hindered growth of prices, inventories have fallen to historic lows in these states over the last couple of months. This is likely due to an increase in sales of these types of properties, as they are priced considerably lower. With smaller inventories of delinquent properties, buyers may have a larger selection of just-built properties and existing homes without underwater mortgages.

National real estate trends have a major impact on the real estate market on a daily basis. Keeping up-to-date on the latest news and notes posted by GL Homes can make sure those looking for South Florida homes know exactly how the current market will affect them.