National home prices are beginning to climb in the majority of U.S. cities. And that positive trend is being felt right here on the New Albany, Ohio real estate market!
According to a recent article I was reading, prices for single-family homes increased in 87 percent of U.S. cities during the second quarter of 2013.
Experts are crediting the improvements to the fortification of the housing recovery as well as the competition for a limited number of available properties for sale.
New Albany and National Real Estate Trends
Hereâ€™s what else I learned from this recent news article:
- The median transaction price showed year-over-year increases in 142 of 163 metropolitan areas.
- A year earlier, 75 percent of regions had gains.
- At the end of the second quarter, 2.19 million previously owned homes were available for sale, which is 7.6 percent fewer than a year before.
- The median home sales price for an existing single-family home was $203,500 nationally during the second quarter, up 12 percent from a year before.
- That was considered the biggest gain since the fourth quarter of 2005.
- Nationally speaking, the best performing areas were Sacramento and Atlanta, which both saw 39 percent increases in sales prices year-over-year.
- The housing recovery has been aided by the drop in the unemployment rate, which decreased to 7.4 percent in July from 7.6 percent.
- Meanwhile, mortgage rates for 30-year loans increased from 3.35 percent in May to 4.4 percent in July.
While rising mortgage rates may cool off the housing market slightly, the majority of the recent activity seems to be encouraging even more home sales and high home prices, including in New Albany.Â
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Until next time,
Kate & Tony