U.S. single-family home prices are edging up as foreclosures ease, mortgage rates fall and potential home buyers are more willing to dive back into the market.
Home prices are on the rise.
This helped raise prices by over 7 percent nationwide in the last quarter of 2013, according to the latest figures from Standard & Poor’s/Case-Shiller.
Big home improvement retailers The Home Depot, Inc. (NYSE:HD) and Lowe's Companies, Inc. (NYSE:LOW) both beat Wall Street profit forecasts in their latest quarterly earnings reports, suggesting that recent home buyers have been busy getting their new pads in order.
According to the National Association of Realtors, January’s median home prices are up across the nation by 12.3 percent, to $173,600.
The country’s Western region, which has been battered hard by the repercussions of the 2008 subprime mortgage meltdown, is seeing a nearly 27 percent rise in year-over-year median home prices, to $239,800.
The Northeast saw the smallest growth, of 2.4 percent, to $230,500. Purchasing is up, too. Americans bought 9.1 percent more homes in January than in the same period last year. All regions saw increases in buys except the West, where the number of home purchases shrank by 5.7 percent.
The market is far from healed, and listings consistently show homes selling at lower prices than what they were bought for. Here’s a snapshot of what the median home price per region will get you.
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