April 5th, 2013
Further signs of a steadily developing housing recovery across the United States were evidenced in a recent report by Clear Capital, which indicates home prices improved during the first quarter of 2013.
According to the firm’s research, residential property prices rose nearly 1 percent on a quarterly basis while increasing 6.5 percent from the same period a year earlier. The western region of the U.S. saw the biggest increase in prices both on a quarterly and annual basis, with prices rising at 2.2 and 14.5 percent, respectively.
“It has been seven years since home price growth continued throughout winter,” said Clear Capital director of research and analytics Dr. Alex Villacorta. “This is very strong evidence of the start to a new leg of the recovery, one that should give further confidence to consumers and lenders alike that the recovery is real.”
With price increases occurring at a more substantial pace than predicted in the past year and buyer sentiment expected to keep rising nationwide, Villacorta added that it is likely the recovery could continue at a swifter pace than initially forecasted.
Specific markets throughout the country to see marked price improvement from the final quarter of 2012 included the Sacramento, Las Vegas and Seattle metro areas, all of which saw prices jump by at least 2.5 percent.
National price hikes of 1.7 percent are projected during the final nine months of the year. According to Clear Capital, this would bring 2013′s total price appreciation to 2.6 percent – ahead of many predictions from housing analysts in recent months.
Echoing this same sentiment, the National Association of Realtors also recently indicated prices are likely to rise markedly this year. The organization projects prices will rise roughly 7 percent by December.