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Alan Martin's Blog

By Alan Martin | Managing Broker in Orlando, FL

US home prices expected to rise 6% this year

US home prices expected to rise 6% this year

Completed existing home sales in 2012 will total close to 4.6 million, an increase of 9%, according to the National Association of Realtors, and are projected to rise about 9% in the next year to nearly 5.1 million. With notably lower housing inventory, the national median existing home price is expected to increase 6% this year and 5% in 2013.

Pending home sales have risen for 17 consecutive months on a year on year basis, leading to the solid recovery seen in closed existing home sales this year. In September all regions were showing double digit increases in contract activity from a year ago with the exception of the West, which is constrained by limited inventory.

The NAR's Pending Home Sales Index, a forward looking indicator based on contract signings, edged up 0.3% to 99.5 in September from 99.2 in August and is 14.5% above September 2011 when it was 86.9. The data reflect contracts but not closings.

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