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By Pam Leibfried
U.S. home prices continue their upward march, showing an increase of 0.6% in September 2015 vs. August.
Longer-term trends are even better. September 2015 prices are 6.4% higher than those of September 2014. And if you look at the statistics from the past several years, it’s easy to see how prices nationally have appreciated to more than 93% of their pre-recession peak. Every month since March of 2012 has seen a price increase, and that many consecutive price bumps really add up.
From September 2014 to September 2015, foreclosure inventory fell 24.3%. The number of homes considered “seriously delinquent” (90+ days overdue) fell 21.2% during the same timeframe. These numbers are signs of improvements in the U.S. economy overall and the housing market specifically, but they also mean that people looking for a home have fewer bargain-priced options.
In October 2015, homes sold a week faster than homes sold a year ago according to Redfin. In fact, a family friend of one of our bloggers recently sold her house the weekend after it was listed, having received 13 offers in one week. Why are homes moving so quickly despite a 5.1 percent year-over-year increase in newly listed homes? That’s simple: As sales heated up, the number of newly listed homes did not keep pace with the number of homes sold. So the October 2015 housing market’s overall inventory of for-sale homes is down 2.8 percent versus a year ago.
Sources: CoreLogic, Redfin