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Bay Area Makes the Price Index Improvement List
FNC Residential Price Index which was created by the mortgage industry just announced that we are at 28 month high for home prices in February. Housing data takes about 60 days to compile and determine facts hence the February figures is the most current data available. The index increased 6.1 percent which is the best clip since July 2006.
Price momentum in Phoenix is the strongest with prices surging 30% in the past year. Phoenix was one of the hardest hit areas during the collapse of home prices, so it is expected that there will be a sharp rebound as buyers come in for the value play and push prices higher.
The bay area is also on the list, jumping into 4th position at 12.3%. We expect that trajectory to continue as rates remain low and inventory remains slim. The full list is listed below.
Some bay area notable cities include: Alamo, Danville, Pleasant Hill, San Ramon, Dublin & Walnut Creek. Each of those cities are up 10%+ year over year and we expect to see that same improvement this year once data is compiled in December 2013.
Nationwide list of top price index improvements
1. Phoenix: 29.3 percent
2. Las Vegas: 14.5 percent
3. Detroit: 13.1 percent
4. San Francisco: 12.3 percent
5. Denver: 11.3 percent
6. Sacramento: 10.8 percent
7. San Diego: 10.6 percent