Jacksonville Home Prices Rise 5.6% Year-over-Year in June 2012
OK, so here's another slant on what's going on with Jacksonville home prices.
Yesterday's post highlighted a prediction from Fiserv that our prices were going to fall 3.3% due to distressed properties coming on the market in the future.
But here is a solid fact from CoreLogic's June 2012 home price index - our prices rose 5.6% over June 2011. So if they're going to drop 3.3% (a maybe) and they're already up 5.6% (fact), we're already ahead 2.3%.
Jacksonville home prices are 3.1% ahead of the national average, which held at 2.5% June 2012 vs. June 2011.
For another bit of good news - nationwide home prices rose 1.3% from May, which is the fourth month in a row that prices have done so. Some analysts are calling this a Trend.
Florida is climbing up from the bottom at #11 nationwide with a 5.1% price increase in single-family home prices, including distressed sales. Remove the distressed sales and the increase is 4.1%.
Now for a CoreLogic prediction: home prices will rise at least 0.4% during July 2012.
The President and CEO of CoreLogic, Anand Nallathambi, was so bold as to say that it is increasingly looking like 2012 may be the year the housing market turned a corner. "While first-half gains have given way to second-half declines over the past three years, we see encouraging signs that modest price gains are supportable across the country in the second half of 2012."
CoreLogic conceded that Jacksonville foreclosures did rise some in May, and that our home prices rose 2.2% in May 2012 vs. May 2011.
We see the beginnings of a solid recovery as long as the market isn't flooded with distressed properties. Our inventory is down 20% from a year ago, and prices are beginning to rise. Give us a call at 904-673-2308 to discuss how we may help you 'Buy Low' at the beginning of the real estate recovery when Jacksonville home prices are still very reasonable.
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