House prices and sales continue comeback in USA

andres del risco

The housing market recovery in the US is continuing and if anything seems to be picking up pace, new figures reveal.

The average value of property in the USA grew by 10% in the fourth quarter of last year, compared to 2011.

The National Association of Realtors has released statistics for the last quarter of 2012 and they show some very encouraging developments.

Compared to the same period in 2011, house prices saw the largest rise in seven years with growth of 10% on average across the country, with sales figures increasing by 5% and marking their own three-year high point.

133 out of 152 areas reported price rises, a distinct increase of figures for the previous quarter in which only 120 had shown year on year increases.

Several factors are pulling together to create the current situation and point towards a continuing resurgence.

Low levels in terms of supply are mismatched with an increase in demand and mortgage rates are still near record lows.

Properties remaining unsold are at their lowest levels for twelve years, when there were 1.78 million homes for sale in January 2001.

There were 1.82 million existing homes available for sale in the fourth quarter of 2012, a drop of 21.6% from the last three months of 2011.

A lack of action in terms of new stock construction, combined with continuing increases in population levels, means that classic supply and demand economics are coming into play.

Rents are also rising, meaning that investors looking to take advantage of rental yields, while attractive affordability levels are also having an impact.

Existing home transactions rose by 5% and when seasonally adjusted represent an impressive 12.1% increase on 2011.

Investing in property in the USA will mean you’ll have to send money internationally. Using a currency exchange specialist is always advised.

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