The truism has it that real estate is the most local of assets. If you exclude California-style earthquakes, the land a home is built upon tends to stay pretty much in one place. That being the case, South Bay home prices tend to reflect our area conditions: when business is popping and everyone feels confident about the future, South Bay home prices tend to move upward.
Even so, as the complete numbers roll in from last year’s national real estate market, anyone with a rooting interest in South Bay home prices has to be cheered.
The fact is, American home prices climbed 5.9% last year – the greatest yearly gain since 2006. Calling that only a ‘sharp’ rise is like calling the Super Bowl an ‘interesting’ football game.
The U.S. Census Bureau and the Department of Housing and Urban Development also report that new national housing starts rose in 2012’s final month to an annual seasonally-adjusted rate of 954,000 (way more than the experts expected). It sounds like a big number, and it is — an increase of 12% from the revised November rate of 851,000, and a gain of 36.9% over the previous year’s 697,000!
The National Association of Homebuilders also reported a third consecutive six-year high in its builder confidence index. It’s still below the point NAHB considers builder “optimism” balances with builder “pessimism,” but moving strongly in the right direction.
Now that we’re at a point where we can look back over last year’s performance, it’s easy to look back and say “That year sure would have been a good time to buy or sell!” To me, it looks likely that this time next year, we’ll have more of the same.
If 2013 is the year you’re considering making a move, I would be genuinely delighted to put together a plan of action that fits your goals and your timetable. I hope you’ll give me a call!
Charles Fitzgerald Butler is a Real Estate Professional in Carson, Ca, specializing in First Time Home Buyer Programs, Distressed Sales, REO Residential and Commercial properties. Charles helps homeowners develop a second income stream so they can save their homes from foreclosure.
Charles Fitzgerald Butler can be reached at 310-684-2505 or www.CFButler.com. Prudential California Realty – The Mulhearn Group is an independently owned and operated broker member of BRER Affiliates Inc. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license with no other affiliation with Prudential. Equal Housing Opportunity.
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