The real estate data analysis firm, CoreLogic, reported that January statistics have shown a rise in home prices across the nation by 9.7 percent when compared to that of a 2011. This is the biggest market rise since 2006.
Phoenix, Arizona was the nation’s best functioning area with a rise of 22.7 percent in single family homes. This figure includes foreclosed property sales.
The Southern California Los Angeles-Long Beach-Glendale market was next in line with a 12.2 percent jump in home prices. The Riverside-San Bernardino-Ontario market reported a rise in home prices of 12.1 percent.
This is just more data that confirms that the real estate market may be entering a recovery.
According to CoreLogic’s Chief Economist, Mark Fleming, the rise in home prices has painted a solid picture for the housing market this spring.
January was the eleventh consecutive month for an increase in home prices. Other positive gains show there hasn’t been as large of a yearly increase since before the market crashed in April 2006.
From that of December 2012 home prices increased 0.7 percent.
From that of 2012, Arizona experienced a rise in home prices by 20.1 percent in January. Nevada followed at home prices rising 17.4 percent. Idaho was next at 14.8 percent, and California and Hawaii experienced a 14.1 and 14 percent increase.
The only two US States that didn’t experience a home price increase in January from that of 2012 were Delaware and Illinois.
With the market in recovery, and the projection is that it will continue, this is indeed be the year to purchase!