CoreLogic Home Price Index Up 10.2 Percent
By Bobby Freeman, Florida Realtors® // April 5, 2013
REAL ESTATE REPORT
BREVARD COUNTY, FLORIDA – The CoreLogic Home Price Index rose by 10.2 percent year over year in February, the largest increase in nearly seven years.
This change represents the biggest year-over-year increase since March 2006 and the 12th consecutive monthly increase in home prices nationally.
The gains were broad-based. Prices rose in 47 of 50 states and in all but four of the nation’s 100 largest metro areas. Delaware, Alabama and Illinois were the only states to report price declines.
Another reason prices are rising is the supply of available homes for sale remains extremely low. In January, it reached a 13-year low.
“Home prices continued their march upward in February. Nationally, home prices improved at the best rate since mid-2006, marking a full year of annual increases and underscoring the ongoing strengthening of market fundamentals,” said Anand Nallathambi, president and CEO of CoreLogic.
“Continued home price appreciation will provide fuel needed to drive further recovery in the home purchase market.”
HOME PRICES ON FASTEST GROWTH PACE SINCE 2006
Standard & Poor’s/Case-Shiller recently reported that U.S. home prices grew at the fastest pace since 2006. [Click here to read the report]
“Buyers have to be 100 percent ready to go with cash on hand or a pre-qualification letter from a bank,” said RE/MAX Hall of Fame Realtor Jennifer McCoy.
“Anything that hits the market at a fair price usually goes quick. For instance, two days ago a new listing hit the market and was immediately sent to my database of buyers. One particular buyer called me right away to schedule a showing that day. There were many other interested buyers and we were lucky enough to secure a contract in less than 24 hours and actually below the seller’s asking price.”
Real estate transactions like this and others are a major benefit to our economy.
The Domino Effect
Research conducted for the National Association of Realtors show that every time a house if built, bought or sold, many jobs are created and can generate up to $60,000 into the economy.
Just one real estate closing can benefit title companies, mortgage companies, property inspectors, appraisers, title examiners, insurance agents, state governments and many more.
Speaking about more, what about fence installers, home cleaning services, pest control, security systems, A/C contractors, moving companies, carpenters, electricians, plumbers?
It’s called the Domino Effect. Watch the above video to see.
Also, please check back soon for more compelling articles from your real estate experts, the McCoy-Freeman Group.
ABOUT THE AUTHOR
Bobby Freeman, a life-time resident of Brevard County, has been a top Realtor in the area for two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards and has recently been presented with the prestigious RE/MAX Hall of Fame Award.
Freeman, Jennifer McCoy and Nikki McCoy Freeman are family partners for RE/MAX Elite’s McCoy-Freeman Group. Together they have more than 30 years of extensive experience in all aspects of the real estate industry and have sold over $180 million. Among McCoy-Freeman Group’s achievement are RE/MAX Hall of Fame, RE/MAX 100% Club, Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County. The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 ABC News, Coastal Condo Living, & Hot Retirement Towns Magazine and SpaceCoastDaily.com.
For more information log on to BrevardRealtyConnection.