Core Logic, a real estate data provider, announced Tuesday that U.S. home prices rose 10.5 percent in March compared to one year ago. This has been the biggest gain since March 2006. For 13 straight months home prices have increased due to more buyers bidding on a limited supply of housing. According to Core Logic, 46 states have experienced price increases over the past year, with 11 states having double-digit increases. If foreclosures and short sales are not included in the calculation, prices rose in all 50 states. Increases in home sales and new construction of homes are being attributed to a steady job market, as well as record low mortgage rates. Available inventory has fallen 17 percent from March of last year, meaning that less homes are available for sale. Additionally, Core Logic estimates that the current listings will be exhausted in just over four months if sales continue at the same pace. If you are interested in purchasing a home, now may be the time to start looking, as there may not be a place available when you do get around to shopping!
US home prices on the rise
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