On the national news this evening, it was announced that homes prices in the USA jumped up 6.3% since the end of October 2011. That is the biggest rise in 6 years! In 2008 the median price across the nation was $186,500 but that had dropped to $160,800 in 2011. Today the median price for a home in the USA is $178,600 so that is an increase of $18,000. Arizona's homes prices went up 21%.
The number one reason for homebuyers purchasing a home in these last few months is the fact that mortgages are at historical lows. Combine that with low inventories and prices tend to rise. In the St Petersburg-Clearwater, Pinellas County, Florida area the inventory is still down by 23% for the last twelve months even though residential listings did increase last month by about 2.5%. For the overall Pinellas County residential market, sales were up nearly 30% from October 2011 to October 2012. The median sales price increased 13% for the last twelve months.
In St Petersburg-Clearwater, Pinellas County the condo market sales were up 29% and the median sales price surged up by almost 24%, or $18,000, from October 2011 to October 2012. A monthâ€™s supply of inventory plummeted nearly 40% for the same time period. Pending condo sales increased by 19%.
It is the same in most of Florida. Matter of fact, Orlando's inventory is the lowest it has been in 7 years. SO if you are a buyer, now is the time to buy before prices continue to rise. And if you a seller, now is the time to put your home or condo on the market because there is not much competition.
The top 10 states where home prices are rising are:
Florida, California, Nevada, Arizona, Utah, Idaho, North Dakota and Michigan.