The U.S. housing market is taking small steps towards a full recovery.
The top five housing markets had an average gain 20.8% in mediam price. For the most parts these are markets with rapidly declining inventory and growing levels of demand.
The Santa Barbara California region experienced the largest spike in median home price between July 2011 to July 2012 – 31.53%. Close to home, according to the Wisconsin Realtors Association, home sales rose 17.3% in July and the state registered its fifth straignt month of increasing home prices. The seven- county southeast Wisconsin region had a 23.2% jump in sales in July compared with the same month in 2011. Statewide, the median home price registered a 2.1% increase over July 2011. Nationwide, home prices shot up 3.8% in July, making their largest year-over-year leap since 2006, according to real estate data provider CoreLogic.
The gain marks the fifth straight rise – part of a positive swing following a year and a half of slumps. Without distressed sales, including foreclosures and short sales, national prices were up 4.3% compared to last July.
That’s good news! A lot of people have been waiting to sell their home before building a new one.
With mortgage interest rates remaining low, this may be the opportunity they’ve been waiting for to move ahead with their new home dreams.