Tuesday, March 5, 2013

Home Prices see largest increase in seven years

CoreLogic Home Price Index Rises by Almost 10 percent year over year in January 2013

Real Estate analytics provider CoreLogic has released its Home Price Index for January 2013 and the news is yet another confirmation of a real estate market that has turned around seemingly overnight in some areas. Nationally home prices were up 9.7 percent over January 2012. This is the greatest year over year increase in price in over seven years. Only two states, Deleware and Illinois, did not see an increase in year over year prices in Jnauary 2013.

What about here in the DFW area??

The Dallas Fort Worth area home prices were up 8.1 percent from this time in January 2012. Historically low housing inventories, pent-up buyer demand, and extremely low interest rates have turned many areas of the DFW real estate market from strong buyer's markets to strong seller's markets. Many buyers in todays DFW real estate market are starting to come across homes with multiple offers for over full price in under 24 hours. The competition for good homes in the DFW area is at it highest in years. Working with a professional who understands the shift in this market and how is educated in what is happening day to day in the market is more crucial now than ever.

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