We thought the day might never come, but when the news comes out that home prices across the nation have risen at the most significant rate they have since the 2008 financial collapse, it kind of feels like dreams do come true.
According to Core Logic Inc., a Santa Ana-based corporation providing financial, property and consumer information analytics, United States home prices increased 6.3 percent in October compared to October of last year. This makes for the largest yearly gain in nationwide home prices since 2006.
Naturally, the Tampa real estate market is feeling the positive effects of this increase as well. Compared to October of 2011, home prices rose 35 percent throughout Tampa in October of this year. The median home price also rose 9 percent to $133,000 year over year.
Steady home price increases like these are a key component in local, state, and nationwide housing market recovery. They work twofold by enticing more homeowners to sell their homes and potential buyers to buy homes before prices rise further.
Luckily, Tampa is not unique in this aspect. 45 states throughout the nation witnessed home price increases over the month of October, up from 43 the month before. Arizona and Hawaii came out with the biggest increases in home prices - Arizona with 21.3 percent and Hawaii with 13.2 percent.
As always, we'll keep you updated with the latest Tampa real estate news as it arises.
