Home Prices Rise 5th Consecutive Month

By | October 31, 2012

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Real Estate Market Improves NationallyWhile not widely known it’s not news that locally our housing prices have been gradually going up for about a year. However it seems that nationally we have turned a corner in the housing market. This conclusion comes from the S&P/Case-Shiller home price index in which the August report showed the average home price for 20 major cities jumped 0.9%.

This market the 5th consecutive increase in home prices, with all but one of the cities (Seattle) having month over month price increases.

S&P spokesman had this to say about the recent positive report, “The sustained good news in home prices over the past five months makes us optimistic for continued recovery in the housing market”

This is just on report indicating a healthier housing market and an indication that we may be in for additional positive trends in the national housing market. In some markets builders have increased activity with new housing starts on the rise

The Case-Shiller report is one of many gauges of housing market health that has turned upbeat in recent months. New and existing home sales have been stronger, inventory of homes for sale has fallen and developers have stepped up building activity with new housing starts in September actually up 15% and at the highest levels in four years.

Comparatively the local Sarasota / Manatee market are even stronger than the national trends, with our area apparently turned the corner some time ago. With a real estate market that may have over corrected and as foreclosures and short sales become a smaller percentage of the market we can look for continued improvements in the housing market throughout the Sarasota/Bradenton area.

What does this mean for home buyers this season?

If you are wondering when the best time to buy is the time may be now. Prices will continue to rise and with a reduction of available homes especially foreclosures, selling you current home will also be possible in this improving real estate market.

If you are interested in buying or selling a property in the Sarasota Real Estate market contact Ellen Ferber Evans and Alan Evans or visit our real estate website at http://www.lakewoodranchareahomes.com/

By Ellen Ferber Evans and Alan Evans

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