Exciting things are happening in the Riverside housing market! The National Association of REALTORs® (NAR) just released a quarterly report detailing the “strongest year-over-year increase in seven years.” Whether you’re looking to buy or sell your Riverside home, this is good news.
Buyers who question why increased home prices are of benefit to them can reference another report by NAR that revealed “record high housing affordability conditions for metro areas in 2012.” Low interest rates and slightly higher, but still desirable, home prices mean home buyers have the resources to purchase the homes they desire.
According to NAR chief economist Lawrence Yun, “Home sales are on a sustained uptrend, mortgage interest rates are hovering near record lows and unsold inventory is at the lowest level in 12 years.”
Yun went on to state that, “Our population has been growing faster than overall housing stock,” which leaves a need for more inventory and new home construction and illustrates that, “supply and demand dynamics are very much at play.”
If you are in the market to sell your home, this news is very welcome. Statistically speaking the 2012 fourth quarter showed the average single-family home in the United States priced at $178, 900, an increase of 10% from fourth quarter reporting in 2011, and providing the “strongest year-over-year price increase since the fourth quarter of 2005.”
Our neighborhood has had significant upward movement as well. The median price, for an average home in Riverside, was $213,000 in January of 2012, according to Altos Research. January of this year shows a median price of $260,000, which is an unheard of increase of 22%. With days on market sharply declining, and the Market Action Index showing a strong seller’s market, Riverside is primed to have an excellent year in real estate.
If you are curious how this affects you, call our office to determine the current market value of your home. We can provide you with the knowledge you need to get your home sold while interest rates are still down.
For more information on the Riverside housing market, real estate, and homes for sale- contact Graham and The Home Team at (951)534-9296, or email us.