For the 17th consecutive month, home prices nationwide increased on an annual year-over-year basis. This comparison was also felt here on the local level where the past month of July also displayed immense successes in the real estate market. This news comes from what was one of the most active spring and summer buying seasons of all time on a countrywide scale.
With the mortgage rates, although rising, still being at incredibly low numbers and home prices having not quite hit their peak, it has been an advantageous time for buyers to enter the market. As a result, the availability of inventory has depleted and this being coupled with the rise in demand for property has only meant prices too would dramatically rise. As an opportunistic time to sell, the amount of inventory has now also been seen to finally rise thus showing a positive sign of stability and further growth in the industry.
Massachusetts home prices realized an 11.8% increase in July of this year compared to the same corresponding month from a year ago. While the Bay State is known for being one of the strongest performing States across the country in real estate, the best performing one in July was Nevada where there was a staggering 27% annual boost. The rest of 2013 should see some more improvements in the average home prices overall as the inventory still remains fairly low while demand is still thriving.
More Information: Boston Business Journal