Three reports linked the number 7 to dramatically good news for home sellers across the nation. Firstly, Trulia announced yesterday that of the 4.5 million homes listed on their website, listings average price increased by 7%. This includes both rentals and homes for sale. In out of 100 markets 90 reported increases. Lack of inventory is attributed to these increases and chief economist for Trulia.com released this statement to Inman News, "The inventory turnaround depends not only on how fast prices are rising today, but also whether prices have been rising long enough to encourage homeowners to sell and builders to build.” Builder confidence is increasingly nationally due to the continued lack of inventory and in South Florida there are nearly 100 new developments planned.
Another 7 was reported by real estate tracking organization, Core Logic, who reported that home prices are the highest they have been in 7 years, as of January. Prices were not at these levels since April 2006. Further, home prices increased by .7% from December to January. The president of Core Logic released this statement, "Home prices continued to gather steam across a broad swath of the country in January, continuing the positive trend we saw during most of 2012.Many states across the western U.S. and along the East Coast saw average price gains of more than 6 percent, which is likely to boost home sale activity into the first half of 2013." It could not be a better time to list your South Florida property. For a complimentary comparative market analysis, contact us today!