Friday, May 31, 2013

Home prices rise the most in seven years

Home prices rise the most in seven years

May 28, 2013   |
WASHINGTON — Home prices rose in the 12 months through March by the most in seven years as the recovery in residential real estate gained momentum.
The S&P/Case-Shiller index of property values increased 10.9 percent from March 2012, the biggest 12-month gain since April 2006, after advancing 9.4 percent in February, a report showed Tuesday in New York. The median projection of 30 economists surveyed by Bloomberg called for a 10.2 percent advance.
Property values may keep climbing as cheaper borrowing costs and gains in confidence lure buyers while the number of houses on the market remains near the lowest level in a decade. Rising prices are shoring up household finances, which could give a lift to sales at retailers and help builders.
The median price of an existing single-family home in Lee County was $182,000 in April, up 29.8 percent from $140,199 a year earlier, according to the Realtors Association of Greater Fort Myers and the Beach.
Single-family sales in Lee were up 1.4 percent to 1,172 from 1,156 a year earlier during the same time period, the association’s monthly report states.
In Collier County, 1,126 single-family homes were sold in April, up 11 percent from 1,014 a year earlier, according to the Naples Area Board of Realtors.
The median price increased 9.4 percent from $223,000 to $244,000 a year earlier.
Numbers for both counties include only homes sold with the help of a Realtor.

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