FNC is reporting that home prices increased and I compare it to the latest market information for Upstate South Carolina…
FNC had some good news for the economy and US real estate market yesterday when they released their latest Residential Price Index for April 2012. FNC is reporting that home prices in the 100 metropolitan market they measure rose 0.6% from March 2012 to April 2012. Even better is this is the 3rd month in a row that house prices have increased.
And FNC is also reporting a 2.4% increase in home prices if you compare April 2012 to April 2011. Which sounds great until I remind you that just like most of the reports we hear about home prices, they are not tracking house prices in Upstate South Carolina. So let me fill you in on what is happening to home price in Upstate SC.
- The Median Home Price for April 2012 is 9.9% higher than back in April 2011
- The Average Home Price for April 2012 is 3.3% higher than back in April 2011
Does this mean we are out of the woods?
Are home prices going to start climbing in our area?
Well I doubt we will see rapid improvements in home prices since it is an election year. I think we can expect house price to slowly start recovering IF the economy improves. And the financial situation in Europe does not go completely nuts. And we do not have another natural disaster like the earthquake that caused the nuclear reactor meltdown in Japan. Or more craziness in the Middle East.
The fact is homes are selling slightly slower because I just looked at the Average Days on Market for May and we are seeing a 1.9% increase in the average time it takes a home to sell. Yet that is for all homes in the WUAR MLS and exactly what is possible for your home might be better or worse.