The housing market continues to show promise of an upward turn as the end of the Winter season approaches. Housing prices nationwide are looking toward increase as the spring selling season arrives this month.
In January 2013, prices for homes were up over 9 percent from one year ago. Marked as a little over an 8 percent increase in December, this gain was the highest in almost 7 years. Prices for homes were up 0.7 percent in January from just one month prior.
Nationwide, 48 of 50 states reported rising home prices, with the exception of Illinois and Delaware. In just over 90 out of the 100 largest metro areas in the U.S., prices were up substantially from the end of 2012. With home availability currently lacking, demand for home inventory is on the rise. Homes that had previous owners showed sale increases in early 2013- the most substantial price increase in five years. Included in the list of states that had reported the highest price increases, Nevada checked in at 17.4 percent.
While housing prices continue to climb, housing inventory continues to fall short of the demand for homes for sale- the lowest rate in well over a decade. Home values in 15 states report prices that are within 10 percent highest financial worth.
Housing market signs of an upward swing are exhibited in the number of U.S. home buyers who signed to purchase new homes in the beginning of 2013- up from just one month prior in December. As home prices increase, the push is for homeowners to move toward selling in order to encourage buyers to jump on current prices before they go up.