Real estate in Boston is strong and resilient
Real estate in the United States continues to improve in value and grows more stable each month. CoreLogic, a private real estate data provider, recently said its measure of United States home prices rose 4.6 percent year-over-year in August 2012. The uptick was the largest annual increase in more than six years.
CoreLogic's report came out a day after a survey from the Institute for Supply Management pointed to an improved manufacturing industry in the U.S., which drove domestic stocks up.
However, the FNC Residential Price Index adds another level of positive news to an already bright 2012 summer in real estate. FNC developed an index based on data collected from public records and blended the information with statistics from appraisals. The addition of appraisal data provides physical property characteristic information that is often missing from public records. As a result, the FNC Index is able to track the changes in real estate value during volatile market conditions such as how prices were affected by the Gulf of Mexico oil spill.
In July 2012, FNC found home prices finally arrived at a major turning point. The July Index was up 0.9 percent, which captured the fifth consecutive monthly gain. In addition, the Index showed for the first time since the market collapse that home prices are beginning to show year-over-year recoveries. In the Hub, homes for sale in Boston earned an August 2010 Index reading of 156.59 points. Almost two years later in July 2012 the Index increased to 160.68 points. The uptick shows moderate growth of value in real estate in Boston, and the latest reading is the highest mark since August 2011.
Homebuyers who have waited on the sidelines for the housing market to recover in Boston might not have to standby much longer. New reports indicate growth and stabilization is evident in the Hub, and home values have climbed steadily according to new research. Therefore, it's time for prospective buyers to invest in one of the biggest financial assets the U.S. has to offer, and the best place to purchase property may be in Boston. Take advantage of low interest rates and moderate inventory levels before each category shifts dramatically in accordance to new market research.