The housing market is coming back as evidenced by the strongeest year-to-date gains since 2005. National home price averages increased by 4.6% from August 2011 to August 2012.*
As mortgage rates are at an extreme low, this could be the recipe for continued improvement.
Home prices and sales are usually strongest in the summer as a result of spring contracts closing. However, this year’s improvements are significantly higher than the minor gains seen in the same time period in 2011 and 2010.
I’ve been involved in a few multiple bid situations with buyers and sellers this year and a few have gone over list price.
* Please note that rising home price average is not solely indicative of ‘generally rising prices.’ It can also be affected by more expensive collection of homes being listed on the market this year as opposed to less expensive homes last year.
For more details see link. http://www.prweb.com/releases/national-home-prices/largest-increase-property/prweb10002710.htm