U.S. home prices increase by most in nearly 7 years
By The Associated Press
Published: Wednesday, March 6, 2013, 12:01 a.m.
WASHINGTON — Home prices jumped in January, a sign the housing market is gaining momentum as it nears the spring selling season.
Home prices rose 9.7 percent in January from a year ago, according to data released Tuesday by CoreLogic. That's up from an 8.3 percent increase in December and the biggest annual gain since April 2006.
Prices rose in all states except Delaware and Illinois. Prices increased in 92 of the 100 largest metro areas, up from 87 in December.
Home prices rose 0.7 percent in January from December. That's a solid increase, given that sales usually slow during the winter months.
Rising demand combined with fewer available homes is pushing up prices. Sales of previously-owned homes ticked up in January after rising to their highest level in five years in 2012, according to the National Association of Realtors. At the same time, inventories of homes for sale fell to a 13-year low.
The states with the biggest price gains were Arizona, where prices rose 20.1 percent, followed by Nevada, with 17.4 percent, and Idaho, with 14.9 percent. California and Hawaii rose 14.1 percent and 14 percent, respectively.
The cities with the biggest gains were Phoenix; Los Angeles; Riverside, Calif.; New York; and Atlanta.
With the approach of Spring, a traditional period for house sales, the Western Pennsylvania region is facing a tightening market — with an increase in sales but fewer houses to choose from, according to the West Penn Multi-List, the region's major multiple-listing agency.
“People are taking advantage of the continued low interest rates and entering the housing market,” said George Hackett, president of the multiple-listing agency and head of Coldwell Banker Real Estate Services in Pittsburgh.
Trib Total Media staff writer Sam Spatter contributed to this report.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Amedisys to pay $150M in suits
- Drop in home sales, earnings sinks stocks
- Highmark’s insurance profit falls 32%
- Corbett: Coal is working
- BNY Mellon notches $661M profit in 1st quarter
- Consol Energy transitions as leadership changes hands
- Young visionaries at PieceMaker Technologies Inc. see future in 3-D
- Robinson bakehouse invests time, love in artisan products
- BNY Mellon hires national sales manager for Dreyfus
- ATI takes 1st-quarter loss, but says outlook is good
- PNC’s CEO elected board chairman