Home prices nationwide jumped 10.2 percent on a year-over-year basis in February 2013 from February 2012. The February report by CoreLogic, a residential property information and analytics provider, highlighted this as the most significant year-over-year increase since March 2006. On a month-over-month basis, prices went up 0.5 percent in February 2013 from January 2013.
The western states are driving home appreciation. Nationally, California cities, Phoenix, and Las Vegas posted the biggest price increases, said Dr. Mark Fleming, chief economist for CoreLogic.
The National Association of Realtors (NAR) has released the following positive trends for the month of February:
- Total existing-home sales in February did rise by 0.8 percent to a seasonally adjusted rate of 4.98 million, which is 10.2 percent above the 4.52 million-unit level seen in February 2012.
- The national average commitment rate for a 30-year, conventional, fixed-rate mortgage inched up to 3.53 percent in February from 3.41 percent in January. But the rate was still lower than February 2012′s average of 3.89 percent, according to Freddie Mac.
- NAR President Gary Thomas said this about interest rates. “In the history of mortgage interest rates since 1971, the 30-year fixed rate has been below 4 percent in only 15 months, and those have all been in the past 15 months. Even with rising home prices, affordability remains historically favorable because home prices over-corrected during the downturn. This means there is still great value for buyers in the current market.”
- The median time on the market for all homes was 74 days in February, which is 24 percent below 97 days in February 2012. Short sales were on the market for a median of 101 days, while foreclosures sold in 52 days and non-distressed homes took 77 days.