The potato state–a leader in the real estate recovery
The potato state–a leader in the real estate recovery
Home prices throughout the United States increased 3.8% in the twelve months ending in July, which includes a steep increase in the pricing of Fort Lauderdale mansions for sale. The 12 month increase was the largest in 6 years—further evidence of the housing markets recovery.
Home prices also increased 1.3% from June to July—the 5th increase in both monthly and yearly price indexes. The Standard & Poor’s/Case Shiller index and the federal government housing agency also reported annual increases. The same was indicated by ManhattanMiami index.
The states with the most substantial price increases over the last 12 months were Arizona, Idaho, Utah, South Dakota and Colorado. The state of Idaho posed a 10% gain in real estate pricing since July of 2011.
Unfortunately, however, not all states are seeing real estate prices increase. This informative post has a few reasons to point out, for example, in Delaware home prices dipped 4.8% w/in the last 12 months. Alabama saw prices decrease 4.6% during that same time period.
Although the recovery has been slow, evidence shows that the real estate market is bouncing back, much like the real estate in Jacksonville, FL. Sales of previously occupied and new construction have increased. Builders are becoming confident in the market and starting new projects. Mortgage rates, as you most likely know, are at historic lows.
On the flip side, prices are rising due to the supply of available homes for sale being limited.
Most think that the housing recovery is in the beginning phases since prices remain 27% lower then prices during the peak of 2006.
The recent improvements in the real estate market have been widespread with only 23 of the 100 large cities tracked showing a year-over-year decline in real estate pricing.