Home Values Continue Rising

The 25-metropolitan-area RPX Composite home price increased 13.1 percent April 2012 to April 2013, and was up 2.7 percent over March 2013, as Radar Logic Inc. reported in its RPX Monthly Housing Market Report. From its low of $169.62 per square foot in Jan. 2012, the RPX Composite increased 23.7 percent to $205.46 per square foot, but remains 26.2 percent below its pre-recession all-time high in 2007. 23 metropolitan areas in the RPX Composite of the 25 experienced year-over-year price appreciation. As HousingWire informs MHProNews, the last time prices increased this much was in April 2005. The National Association of Realtors (NAR) says the inventory of homes for sale in April 2013 fell 10.1 percent from last April to a 5.1-month supply, one of the drivers of the increase in home values. The Radar Logic report says, “The market factors driving the recent increase in home prices will not persist forever. Eventually, rising prices will reduce demand and attract supply to the market and reduce the rate of price growth. However, it is not clear how long this will take.”

(Image credit: HousingWire)

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