HOME PRICES SHOW HIGHEST ANNUAL GROWTH RATES SINCE MAY 2006!
S&P/Case Schiller released its Home Price Indices on Tuesday, and the news couldn't be better. After several sluggish years of real estate sales and price declines, home sales across the country posted average price increases of 8.6% - 9.3% for the 10- and 20-City Composites as of February, 2013. This is the highest annual growth rate since May, 2006-- that's 7 years!! According to the report, all 20 cities covered by the indices posted year-over-year increases for at least two consecutive months.
Amid mixed economic reports in March, this is great news and housing continues to be one of the brighter spots in the economy.
Home prices in the West Hartford area continue to increase as well. Low inventory and pent up buyer demand are creating multiple offer situations for the best homes in West Hartford. In fact, 15 of the 54 closed sales in April, 2013 resulted in a sale price at or above the list price-- that's 27%! We haven't seen that pace in awhile!
The biggest challenge is finding homes for sale. If you're thinking of selling (or know someone who is), let's start the conversation.
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