Home prices in North Carolina recently fell 0.7 percent, but that was not the case in the Raleigh-Cary area. The recent home buyer’s tax credit did wonders to help sell homes in the area, and the numbers prove it. Home prices in Raleigh-Cary increased by 1.37 percent in April 2010 compared to April 2009, according to CoreLogic’s Home price index. New data for May has also shown increased sales and prices for the Triangle area.
Home prices across the country, including distressed properties, showed an overall increase of 2.6 percent in April. It is believed that increase in home prices in April was a lingering effect of the home buyer’s tax credit. Chief economist, Mark Fleming, of CoreLogic expects home prices to remain strong in early summer, but expects the second half of the year to show a moderate decline.
Hawaii was the state with the highest overall yearly price increase with 10.6 percent. Coming in also in the top five were:
· California 8.4%
· North Dakota 6.0%
· New York 3.7%
· Virginia 3.6%
States with the largest home price value decline include:
· Idaho 7.2%
· Illinois 5.8%
· Nevada 4.6%
· Maryland 4.3%
· Washington 3.7%
The price of homes may be slightly higher in these areas, but that does not mean there is not a deal to be found. If you are interested in purchasing a new home now is the time to contact Marti Hampton and her team at RE/MAX One Realty and find the home of your dreams.