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2012 Home Prices Rose to Highest Levels in Over Six Years

Author: Chris Speicher

There’s no question that things have turned around when it comes to Olney real estate. In 2012, home prices around the country rose to their highest levels in over six years. It’s just the latest evidence that the worst of the recession is behind us, and that the real estate industry is continuing to improve.

Much of the improvement is centered around the low supply of Olney homes and the rising demand. Many home shoppers, who had previously been scared off by the bad news surrounding the economy, are coming off the sidelines to take advantage of historically-low interest rates. Around the country, steady price increases are helping to assist with the housing recovery. Sellers are finally feeling comfortable putting their homes on the market once again, and buyers are looking to get in before prices rise further.

Incidentally, home prices around the country climbed 8.3% in December year-over-year, marking the biggest gain since May 2006. According to a report by CoreLogic, a real estate data provider, in 2012, prices rose in 46 of 50 states. There were also improvements in home prices between November and December with an increase of 0.4%. While this sounds like a negligible improvement, it’s actually quite notable given that this is a time during the year when the sales pace slows down considerably.

2013 is expected to be another banner year for real estate, and most economists say that the sales pace is likely to keep growing. As the economy continues to improve and the job market turns around, demand for Olney homes will also increase. Adds Anand Nallathambi, CEO of CoreLogic, “All signals point to a continued improvement in the fundamentals underpinning the U.S. housing market recovery.”

I am a local real estate agent who specializes in Olney real estate. If you’re interested in touring available Olney homes for sale, please contact me. I’d love to show you around!

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