Going up for good? Home prices jump nearly 10 percent
In 2011, people said that it looked like the corner was finally turned when it came to home sales and median prices of homes -- but that didn't happen.
Experts predicted 2012 could be the year some positive signs finally started to emerge in the real estate market. So, is that finally happening?
Some great news came out Wednesday when it comes to the price of homes and the number of people buying right now. Data released by the National Association of Realtors showed existing-home sales rose 2.3 percent in July to an annual rate of 4.47 million units.
Nationally, the median price of resold homes was $187,300, up almost 10 percent from a year earlier. That's the biggest one-year jump in six-and-a-half years.
So, in other words, your $180,000 home was valued at $163,000 a year ago. That's a solid $17,000 increase in the price of your home over the last 12 months.
A growing body of evidence in recent months has pointed to better days ahead for the nation's long-suffering housing market. Glimmers of optimism have appeared in a wide range of data showing increasing sales of existing homes: homes selling faster than in the past, an uptick in residential construction, stabilizing prices in many areas, falling rental vacancy rates and historically-low interest rates that have made purchasing more realistic for many would-be buyers.
It's a positive picture in the Twin Cities as well. Median sales prices are up 14 percent from July 2011 to July 2012. Pending sales are up 24 percent in that same time frame and the days on the market has gone from 146 days to just 106 days.