March housing prices show significant monthly, yearly increases
Home prices increased significantly during the last few months, and March continued the trend, with values rising both monthly and annually. With low rates for mortgages and smaller inventories nationwide pushing consumer demand and values upward, residential property buyers and sellers may be able to close faster in the coming months.
Within its March Home Price Index (HPI) report, CoreLogic announced a more than 10 percent hike was recently seen in housing transactions from March 2012, as well as a nearly 2 percent uptick month-over-month. The latest yearly improvement marks the most significant rise exhibited in seven years, in addition to the 13th consecutive monthly increase.
Poli Mortgage Group, an independently owned mortgage company which has publicly announced its commitment to consistently provide clients with the best rates and customer service while operating with the highest level of integrity, currently writes more than $1 billion in mortgages each year and may play a large part in homebuyer finances in the current and coming home buying seasons. The business has assisted countless consumers along the path to homeownership during its many years of operation, and continues to educate and assist may individuals making first time purchases.
Dr. Mark Fleming, chief economist for CoreLogic, voiced his approval of the recent figures, and hinted toward the possibility of numbers continuing to bolster for the remainder of this year.
“For the first time since March 2006, both the overall index and the index that excludes distressed sales are above 10 percent year over year,” Fleming said. “The pace of appreciation has been accelerating throughout 2012 and so far in 2013 leading into the home buying season.”
According to the online real estate information provider, just four states logged decreasing values in March, also counting distressed sale figures. The areas which reportedly showed price depreciation during the month were Delaware, Alabama, Illinois and West Virginia. However, when short sales and real estate owned (REO) transactions are not accounted for, no states reported price depreciation during the month of March.
Coming months may see additional housing growth
After such impressive numbers recorded in March, CoreLogic officials estimate April, as well as subsequent months, could exhibit substantial increases. The organization’s Pending HPI projects a possible year-over-year improvement of almost 10 percent in April, as well as a more than 1 percent rise from March amounts, including distressed sales.
“Home prices continue to rise at a double-digit rate in March led by strong gains in the western region of the U.S. Looking ahead, the CoreLogic pending index for April indicates that upward price appreciation will continue,” said Anand Nallathambi, president and chief executive officer of CoreLogic. “Much of the price increases we are seeing are the result of rising demand among investors and homebuyers for a still-limited supply of homes for sale.”
March sees nationwide decline in median days on market
Just as lowering inventory levels have seen prices increase across the country, a related dip has been observed in the amount of time a listed property spends on the market before being purchased. The National Association of Realtors recently released data showing the median amount of days a house spent on the market in March fell to 62 days, after being noted at 74 during February.
Those interested in learning more about Poli Mortgage Group and its services can visit www.polimortgage.com online.