There’s more good news for homeowners as prices continue to rise, according to the latest report from Case-Shiller.
Here are some of the key numbers of the report which measures home prices in the U.S.’s 20 major cities through June 2013:
This is the most important number nationally. There has been a 12.1 percent annual increase in major U.S. cities home prices, per the report. The biggest gains continue to be in the Southwest and Pacific Coast, with Las Vegas (up 24.9 percent annually), San Francisco (24.5 percent), Los Angeles (19. percent9), Phoenix (19.8 percent) and San Diego (19.3) making the top five, respectively.
Ok, so what does this mean?
It means that a national housing recovery is continuing with annual price increases at a seven-year high. Good news, in other words. It’s especially good news for anyone who is considering selling their home before the end of the year. Chances are, your home value (or sales price) is going to continue to rise.
As cited above, Phoenix home prices are up 19.8 percent annually. That’s the good news. The bad news (depending on your perspective) is that 19.8 percent is actually slightly down from May’s 20.6 percent figure.
So what does it mean?
In other words, the rate of home price increases dipped slightly from May through June. Slightly. This could be good news for both buyers and sellers in Phoenix. Basically, home prices are still rising among the highest in country. That’s good for sellers, and the slight drop from 20.6 percent in May to 19.8 percent in June could be a sign that pricing is starting to stabilize in Phoenix. That would be welcome news for homebuyers in Phoenix, some of which have been priced out of the rising market.
All 20 cities measured by Case-Schiller posted annual gains, but only six cities had prices rise faster in June than in May. Those cities were Charlotte, Cleveland, Las Vegas, Minneapolis, New York and Tampa. To put this in perspective, 10 cities had prices rise faster in May than in April. June is also the first month in over a year where the overall increase has been smaller than the previous month.
So what does it mean?
Some have speculated that higher interest rates could be slowing down prices just a bit, or could do so very soon. It might also signal a national trend of more moderate price increases which, in turn, could help affordability for prospective buyers.
That’s the percentage increase of home prices in Phoenix since the low point in September of 2011, a 37.1 percent gain in less than two years! San Francisco is the only city with higher improvement, as prices in the Bay Area are up 47 percent since their low in March of 2009.
So what does it mean?
I think you probably already know. Phoenix’s real estate market has made a swift and miraculous recovery. Sellers are cashing out at a very good time, and often making some very good money. For some a September 2011 home priced at $195,000 could become a $267,000 sale. Or, as we’re starting to see frequently in Scottsdale, a $60,000 condo investment becomes a $20,000 (at least) profit.
All in all, the latest Case-Shiller report can be seen as another positive sign of the real estate market for sellers, and perhaps a nice hint of future price stabilization for buyers. In either case, real estate has and will be continue to be a very worthwhile financial investment, especially if you’re lucky enough to call Phoenix your home.
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