Having braved the winter, home prices continue to mark recovery progress with the latest report from Clear Capital.
Home prices have grown 0.9% through the first quarter ended March 31, 2013, marking the first time home prices have ended in positive territory for the quarter since 2006, according to Clear Capital’s Home Data Index (HDI) market Report.
“It has been seven years since home price growth continued throughout winter,” says Dr. Alex Villacorta, director of research and analytics at Clear Capital. “This is very strong evidence of the start to a new leg of the recovery, one that should give further confidence to consumers and lenders alike that the recovery is real.”
On top of the first quarter growth, Clear Capital forecasts an additional 1.7% increase over the next nine months.
This forecast would bring 2013’s total yearly price growth to 2.6%.
The slightly stronger expected growth can be attributed to the winter season, notes Clear Capital, where home prices remained positive for the first time since 2006.
Regionally, the West, Midwest, South and Northeast are expected to experience additional gains of 0.7%, 1.9%, 1.8% and 2.1% over the next three quarters.
In addition to 2013’s positive forecast, Clear Capital notes that national home prices were up 6.5% over the year as prices continued to move up during the winter months, with slight quarterly gains fueling stronger yearly growth.
“Overall, March was another good month for home prices,” writes Clear Capital. “Now, as we head into spring and summer, the more active buying seasons, home prices are likely to continue their winning streak.”
Written by Jason Oliva
