Monday, January 14, 2013

U.S. home prices rose more in 2012 than in any year since 2006

Home prices across the country rose 7.5 percent in 2012 - the largest increase since 2006, according to the CoreLogic Home Price Index and January MarketPulse report released Monday.

CoreLogic projects U.S. home prices will rise 6 percent in 2013 because of steady demand fueled by more affordable prices, a lower amount of bank-owned real estate sales, and a low inventory of unsold homes.

The report says housing "made an impressive recovery in 2012" and "clearly was one of the biggest surprises."

The report is the latest in a string of indicators suggesting the housing market, both nationally and locally, is on the rebound.  In Charlotte, local data shows home prices and sales have been steadily increasing. The amount of available homes for sale, meanwhile, has been shrinking, which is good news for sellers because it increases demand.