US Home Prices Rose 11 Percent from Last Year, Report Shows

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House sold signFrankly, it’s hard not to feel encouraged and optimistic about the real estate market these days.

Everywhere you look, positive real estate trends are popping up, further emphasizing that the worst days of the economic recession are in the rear view mirror now.

And here’s another recent nugget of good news: Home prices all across the country increased 11.1 percent in March 2014 when compared to the same time last year. And that’s including distressed sales.

More Relevant Data for US Home Sellers

According to the latest published data, the 11 percent home price increase in March represents 25 months of consecutive year-over-year increases in national home prices.

That’s incredible. That means that the housing market has been in the process of recovering for more than two years.

Here’s what else you should know about recent activity on the real estate market:

  • Between February and March, national home prices (including distressed sales) increased 1.4 percent.
  • When you exclude distressed sales, national home prices increased 9.5 percent from March 2013 to March 2014.
  • And month-to-month (from February to March), home prices increased 0.9 percent when you excluded distressed sales.
  • Experts say that when they included distressed sales, home prices were still 16 percent below peak levels. When you exclude distressed sales, prices were down 11.6 percent from the peak.

Experts say that there continues to be an imbalance of home buyers and sellers. Specifically, there are more interested home buyers than there are available homes.

This will continue to drive up home prices, they say.

Those States with Best, Worst Real Estate Trends

Experts also identified those states that saw the greatest home price increases when they included distressed sales:

  • California: Up 17.2 percent from March 2013
  • Nevada: Up 15.5 percent during that same period

Meanwhile, when it came to home price changes from February to March, 42 states and the District of Columbia showed increases. In that instance, Mississippi saw the largest month-over-month gains with 3.2 percent, followed by Alaska with a 2.3 percent month-over-month home price increase.

Experts also reported that Colorado, the District of Columbia, North Dakota, South Dakota, Texas and Wyoming all climbed to new peaks in home prices. And Louisiana is approaching peak index levels also.

On the other hand, the state that remained farthest away from its peak values was Nevada, which remained at 39.9 percent below its 2006 peak despite recent gains. Florida followed at 36.3 percent below peak values.

Providing You With All the Real Estate Updates You Need

Check back here soon for further updates on the current state of the national housing market, which will help you determine how recent activity may affect you as a home seller.

We are happy to provide this useful data to help make navigating the market as easy as possible for you and your family!

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Optimism About US Real Estate At Highest Level in 7 Years, Polls Show

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Home buyer optimismThe numbers don’t lie: Americans are growing increasingly confident about the overall health of the national real estate market, according to a recent report.

Evidently, a recent Gallup poll showed that 56 percent of Americans expect average home prices in their area to increase, which is up 33 percent from just two years ago.

And it’s markedly increased from the low point of 21 percent in January 2011.

How The Recent Poll Was Conducted

Gallup conducted interviews between April 3 and 6 with a random sample of 1,026 adults, ages 18 and older.

These respondents lived in all fifty states as well as the District of Columbia.

These telephone interviews were conducted on cell phones and landlines and were conducted in English and Spanish.

What Do The Numbers Show About American Perceptions of the Market?

The latest poll numbers from Gallup’s annual Economy and Personal Finance poll indicate that Americans are feeling increasingly confident about the market.

Here are some of the highlights of the poll results:

  • Between 2008 and 2011, Americans were more likely to expect local home values to decrease rather than increase.
  • Then, in April 2012, optimism about home values started to outweigh pessimism 33 percent to 23 percent.
  • Now, more than five times as many citizens believe home values will increase compared to decrease (56 percent to 10 percent).
  • People living out west are most likely to think home values will increase, with 72 percent of respondents.
  • Comparatively, about 44 percent of Americans living in the East expect home prices to increase.
  • These figures are compared to 54 percent of Southerners and 53 percent of Midwestern residents believing that home prices will increase.
  • The poll also showed that 64 percent of Americans are homeowners, with 74 of those people saying that their home is now worth more than when they bought it.
  • Still, these numbers aren’t as high as they were during the real estate peak in 2006 and 2007, when 90 percent of home owners said their home value exceeded purchase price.
  • 74 percent of Americans say it’s a good time to purchase a home, compared with 24 percent who say it’s a bad time.
  • The poll also showed that homeowners are more likely than renters to say it’s a good time to buy a house, with 81 percent of home owners and 60 percent of renters saying that.

Experts are encouraged by the recent data because it suggests that fewer home owners are underwater and more people are interested in entering the market and investing in property. This has long-term benefits to the overall health of the market.

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We believe that providing up-to-date information to buyers and sellers is paramount to ensuring them a successful outcome on the real estate market.

Check back here in a couple of weeks for more relevant updates on the current state of the national housing market and to learn what kind of effects that activity is likely to have on buyers and sellers.

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