Rise
For the 17th consecutive month, home prices nationwide
increased on an annual year-over-year basis. This comparison was
also felt here on the local level where the past month of July also
displayed immense successes in the real estate market. This news
comes from what was one of the most active spring and summer buying
seasons of all time on a countrywide scale.
With the mortgage rates, although rising, still being
at incredibly low numbers and home prices having not quite hit
their peak, it has been an advantageous time for buyers to enter
the market. As a result, the availability of inventory has depleted
and this being coupled with the rise in demand for property has
only meant prices too would dramatically rise. As an opportunistic
time to sell, the amount of inventory has now also been seen to
finally rise thus showing a positive sign of stability and further
growth in the industry.
Massachusetts home prices realized an 11.8% increase
in July of this year compared to the same corresponding month from
a year ago. While the Bay State is known for being one of the
strongest performing States across the country in real estate, the
best performing one in July was Nevada where there was a staggering
27% annual boost. The rest of 2013 should see some more
improvements in the average home prices overall as the inventory
still remains fairly low while demand is still thriving.
More Information: Boston Business
Journal