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Home Prices Continue to Rise in Secord Quarter, Buying Still Affordable
|Data reveals that home prices were up in the second quarter of the year, with increasing rates seen nationwide for the first time since the summer of 2010.
Thrusday, October 25th, 2012
Data reveals that home prices were up in the second quarter of the year, with increasing rates seen nationwide for the first time since the summer of 2010.
The Standard and Poor's Case-Shiller Home Prices Indices reveal that the national composite was up 1.2 percent in the second quarter when compared to the same period last year and increased 6.9 percent from the first quarter of the year.
Data from the 10-City Composite shows home prices jumped 2.2 percent and were up 2.3 percent in the 20-City Composite on a monthly basis. July marks the second month that all 20 cities and both Composites posted monthly growth. Additionally, 18 of the 20 metropolitan areas monitored by the report saw better annual returns in June when compared to May. The 10-City was up 5.8 percent in the second quarter from the first, while the 20-City saw a 7 percent increase. On an annual basis, they were up 0.1 and 0.5 percent, respectively.
While higher home prices may not seem positive to those interested in making the investment, both prices and mortgage rates remain significantly lower than in recent years, providing high affordability for buyers.
In Miami, home prices increased 1.6 percent from June to May and were up 4.4 percent on an annual basis. Tampa also saw an increase in home prices, as they jumped 1.9 percent on a monthly basis and grew 3.4 percent in the second quarter of 2012 compared to the same period the year before.
Home prices have increased in many Florida housing markets, as there is a lower inventory of foreclosures and short sales which previously prevented them from improving.
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.