Since the housing crisis that saw the industry and its asking prices plummet, there has not been much to get too excited about in the Real Estate market. This year of 2012, however, has changed all of that and now we are starting to see asking prices follow suit and trend in an upward direction. In fact, Trulia has reported that just at the beginning of this month during their monthly report for September that there was the greatest year-over-year change in average asking prices recorded since before the housing downturn.
Looking to the results, it has become clear that there was a 2.5% increase in asking prices of properties listed on the Trulia website over the past year. Moreover, if we look at these same results but take out foreclosure listings, the percentage change was an even better 3.5% improvement.
July to August of this year also showed a seperate 0.5% gain in average asking prices which was a massive climb in just one month Nationwide. Overall, these most recent findings showed that 74 out of the top 100 metro areas in the Country found their asking prices to be getting stronger. "Right now, prices are recovering across the country, with few local markets left behind," says Jed Kolko, Trulia's chief economist. Finally, even asking prices for rental properties were up an even more impressive 5% in September of 2012 compared to the same corresponding month from 2011. If the time to buy is not now as the market continues to build, then I am not sure when a better time will come around; this is the start of a wonderful future for the Real Estate industry.
More Information: National Association of Realtors