The Housing Market Closes Out 2012 With A Bang

As 2012 is ending, we see one of the biggest jumps in home prices in almost two years. With an increase of almost 4.3% in October, that has remained steady through December, 2012 has finally brought a stabilized real estate market across the country.

Though still down from its 2006 market peak, December is the sixth consecutive month of increasing home prices.  This is due to the combination of still low interest rates, lower unemployment, and a continued drop in the foreclosure rate.

What does this mean? It means that there are finally, once again, more buyers than available properties driving the price of current homes on the market up as well as increasing the construction rate of new homes.

By looking at the above chart, it is apparent how far we have come with regard to the home prices in America.  Just in 2012 the home values have increased almost 8% overall.

2012 gave homeowners and prospective buyers a roller coaster of activity in the real estate market. However, in the end, the result was a slight, overall increase and stabilization in the market as well as an increase in the demand for housing.  Though sellers still may need to hang on before selling, buyers may find that negotiations are key to getting the best price for the home they wish to purchase.

With 2012 closing out on a good note with regard to the housing market, experts predict that 2013 will see a continued increase in demand and home prices making both buyers and sellers happy with the real estate market.

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