United States Property Prices Rise 6 Percent in 2012 and Expected to Rise Again in 2013
With nearly a month already gone into 2013, many people have already moved on from all that was 2012. New numbers released today from Zillow show that 2012 may have been more memorable than most thought. Zillows home price and home values index show that home price rose 5.9% over 2011. That is good news as whole for the U.S. economy. This also marks the fourth consecutive quarter of natioanal home value appreciation.
A rise of 5.9% in 2012 far exceeds market expectations of what is typically seen as a healthy market. Generally, a healthy housing market rise is around 3 percent. The 2012 increase is the largest year-over-year gain since 2006. The trend is expected to continue to head in a positive direction, but end with a more normal increase of around 3.3%.
Like many other areas in the U.S., Washington state has seen its share of ups and downs. Seattle’s real estate market continued to see positive numbers. Home values in Seattle rose 6.5 percent year-over-year in 2012. The median price of a home in Seattle at the end of 2012 was $270,500 and trending upwards.
The Thurston County market in Washington State did not have the same success, as the market dropped slightly -1.3 percent year-over-year, with a median value of $202,000. The Olympia real estate market saw a similar drop in 2012 falling -0.9 percent with a home value $205,600.
Having Thurston Counties worst showing in 2012 was Lacey. The year-over-year home value fell -1.8 percent in 2012 with a median price of 177,000.