U.S. house prices rose 0.7 percent from January to February according to data released this week by the Federal Housing Finance Agency (FHFA). FHFA said this was the fifth consecutive time its seasonally adjusted Home Price Index (HPI) had risen more than a half-point from one month to the next.
Monthly prices have not declined since January 2012.
House prices have now increased 7.1 percent over the last 12 months to a level last seen in October 2004. The HPI is now 12.5 percent below the peak it reached in April 2007.
According to Dataquick, the median price for new and existing houses and condominiums in Southern California jumped to $345,500, up 23.4 percent from the same period last year and the highest since reaching $348,000 in July 2008. The median price was up $24,500 or 8% in one month due to tight supply and higher demand.
Meanwhile, Arizona home prices continue to rise due to demand and tight inventories. According to Corelogic statistics, year on year sales in the Phoenix metro market continue to lead the nationwide housing recovery, recording a 20.8% year on year home price index (HPI) increase year on year for the month ending February, 2013.
Please feel free to contact me with specific questions related to the housing and mortgage markets in California and Arizona.
Every situation is different!
Until Next Time,
Craig Turley
NMLS 08917
Are you in the market for a mortgage in California or Arizona? If so, contact Craig to receive a free no hassle mortgage quote today. Competitive rates, closings in less than 30 days, and 20 years of experience that matters in a tight lending environment.
Meanwhile, Arizona home prices continue to rise due to demand and tight inventories. According to Corelogic statistics, year on year sales in the Phoenix metro market continue to lead the nationwide housing recovery, recording a 20.8% year on year home price index (HPI) increase year on year for the month ending February, 2013.
Please feel free to contact me with specific questions related to the housing and mortgage markets in California and Arizona.
Every situation is different!
Until Next Time,
Craig Turley
NMLS 08917
Are you in the market for a mortgage in California or Arizona? If so, contact Craig to receive a free no hassle mortgage quote today. Competitive rates, closings in less than 30 days, and 20 years of experience that matters in a tight lending environment.
