With 2013 right around the corner, many real estate experts and other housing industry analysts have reflected on the past year and are giving their predictions for the coming year.Â 2012 has, overall, proved to be a positive year in regards to the U.S. housing market.Â The country has seen mortgage rates reach historic lows, which has led to increased home sales in many local markets across all regions.Â There has been an undeniable uptick in new home construction and home prices are rising.
In response to these positive trends, more prospective home buyers have chosen to purchase new homes for sale in communities like The Colony at the Grand, since market conditions have maintained fairy steady and favorable.Â With the heightened demand for homes in new housing communities, increased home sales, and many areas experiencing decreasing inventory levels, home values have risen over the course of 2012.
Zillow’s November Real Estate Market Reports cover more markets than any other real estate source currently available – 361 metropolitan and micropolitan areas to be exact.Â Their November reports showed that 59% of the 361 markets had a monthly home value increase, and 63% of them showed an annual home value appreciation.Â According to Zillow’s research, overall national home values rose 5.3% higher than the post-recession trough in October 2011.
November marked the 13th consecutive month to show home value appreciation.Â In a year-over-year comparison, home values rose by 5.2% in November, an annual appreciation rate that has not been seen in the U.S. housing market since August 2006, when the rate was at 6%
As the end of the year draws near, it is apparent that 2012 served as a transitional year for the housing market.Â A housing recovery is underway on a national level, more buyers searching for affordable homes for sale have purchased into new home communities, and home sales have risen across many markets.Â Demand for homes is high and home values are appreciating at a greater rate than expected – up 5.3% from October 2011.Â The Zillow Home Value Forecast has projected a 2.5% national home value appreciation from November 2012 to November 2013, which indicates that there is still much optimism for the U.S. housing market going into 2013.
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