Now that the year is half gone, a real estate report is much needed. Clear Capital, an intelligent valuation solutions service shows that the June 2013 price reports across the nation are definitely headed for the biggest annual price increase in a very long time. Clear Capital also raised its price forecast for the year.
The price forecast was raised from 2.6 percent to 6.0 percent because of the strong home price gain across most of America. These continuous improvements, in a still distressed market, shows just how much consumer confidence has grown since the real estate bust. The forecast shows that the overall recovery for the real estate industry is strong and has potential for sustainability. Therefore, if the forecast numbers are met, we could see historical gains between 4.0% and 5.0%. Trulia even reported a gain of over 10% in home asking prices since June of 2012.
While not everyone feels this good news is reason celebrate yet, it is still a good sign for things to come. Currently, we are in the midst of the hottest market that we’ve seen for a long, long time. Real estate is selling quickly across most areas of the country and other real estate experts are increasing their property price forecasts for the year. Merrill Lynch, Bank of America, J.P. Morgan Chase and many more have raised from previous low forecasts of 3+% to 7+%.
When you look at the regional average, home prices are gaining at a moderate pace. The Midwest, West, Northeast and South are all expected to see the highest gains of the year. Metro areas may continue to see more ups and downs; however, this is still a positive thing.