Idaho Ranked #2 for 2nd Largest Jump in Home Prices Nationally
Home prices within the United States increased 5% in September compared with a year ago—the biggest annual increase since July of 2006. Home prices in Idaho saw the 2nd largest increase in the country which provides even more evidence of a housing rebound.
Balanced price increases should provide momentum to the housing market when homes sales historically pick up in the spring. Rising home prices entice potential buyers to purchase prior to prices rising further and also encourage more homeowners to sell their homes.
Prices have risen in all but 7 states. Homes prices declined in only 18 out of 100 metro areas.
The largest pricing increases were within states that suffered the most during the housing decline. Home prices in Arizona increased 18.6% in the past year—the most of any state. In Idaho, home prices rose 13.1%–the second largest price increase in the nation. Nevada came in 3rd with a home price increase of 11%.
Home builders have begun constructing new homes and apartment complexes at the fastest pace in more than 4 years. More building permits have been issued in 2012 than seen in the past 4 years—a sign that many are confident that the home price increase trend will continue.
Sales of new homes jumped last month to the highest yearly pace in the past 2 ½ years. Sales of both previously occupied and new homes are still below normal levels. Partly because the supply of available homes for sale still is limited along with strict mortgage qualification guidelines.
Prices are continuing to rise. Call me today to discuss taking advantage of the historically low interest rates and home prices!