We all have high expectations for the housing market and it seems they’re being fulfilled. Real estate analytics firm CoreLogic reported home prices rose in 2013 at the fastest annual pace since 2005. In December, their Home Price Index was up 11% on an annual basis, the 22nd month in a row of year-over-year home price increases. Their CEO added: “The healthy and broad-based gains in home prices in 2013 help set the stage for the continued recovery in the housing sector in 2014. After six years of fits and starts, we can now see a clearer path to a durable recovery in single-family residential housing across most of the U.S.”
Also looking at 2014, a national real estate listing site estimates that home values will rise 4.8% overall through December 2014, although their analysts note that local market trends are expected to differ. The site’s chief economist elaborated: “…we expect more homes to be available this year, as more sellers enter the market and more homes get built, and a decline in investor competition should make for a more hospitable market for many buyers.” Even more optimistic, Standard & Poor’s 2014 housing outlook forecasts a 6% rise in the S&P Case-Shiller 20-City Home Price Index.