Vero Beach home prices, along with home prices across much of the country, are back to their mid-2004 levels. This news comes from the S&P/Case Shiller index as of September 2013.
Vero Beach home prices jumped again in September, marking their biggest annual gain in at least 7-1/2 years. Nationwide, the price index is up 13.3 percent year-over-year, the strongest increase since the boom peaked in 2006.
The S&P/Case Shiller composite index rose 0.7 percent month-over-month in September on a non-seasonally adjusted basis.
As of the third quarter of 2013, average Vero Beach home prices, as well as home prices across the United States, were back to their levels posted in the second quarter of 2004.
At the end of the third quarter of 2013, the national index was up 3.2 percent over the second quarter of 2013, and 11.2 above the third quarter of 2012.
"Housing continues to emerge from the financial crisis: the proportion of homes in foreclosure is declining and consumers' balance sheets are strengthening," according to David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. "The longer run question is whether household formation continues to recover and if home ownership will return to the peak levels seen in 2004."
Vero Beach Home Prices Up – Pending Home Sales Slip
While Vero Beach home prices continue to rise, the closely-watched index that measures pending home sales, or signed contracts but not closings, slipped again in October, falling to its lowest level in one year.
The reasons for the slump are mainly falling inventory and diminishing affordability, fueled by higher Vero Beach home prices and higher interest rates.
Pending home sales nationwide, not just in the Vero Beach market, marked the fifth consecutive monthly decline, according to the National Association of Realtors.
Get more news on Vero Beach home prices, along with other Vero Beach real estate news and information by clicking the Vero Beach Estate News link to your right under Vero Beach Real Estate Categories.
Getting a mortgage to buy a Vero Beach home is about to get a lot harder starting in January. That's when new mortgage rules go into effect that are almost certainly going to make it even tougher on folks getting a mortgage to buy a home or refinance an existing loan.
To learn more and stay current on getting a mortgage to buy a Vero Beach home, check out our other articles by clicking on the Vero Beach Mortgage Info link to your right under Vero Beach Real Estate Categories.
Vero Beach homes are selling more quickly than they were a year ago. That, according to a recent report from Zillow.
The article in Propertywire shows the median time Vero Beach homes spent on the market in September was just eighty six days, a reduction of thirty days compared to the September of the previous year when homes took 116 days to sell.
All thirty of the large metro areas covered in the Zillow report saw a faster rate of home sales than in the previous September, not just Vero Beach homes.
Data from Zillow takes into account that homes can be listed, removed from the listings and re-posted with new prices, and considers multiple listings that have occurred within 40 days for the same address as being just one listing. Their data shows that since the beginning of 2010, homes throughout the US have spent an average of 119 days being listed through Zillow before they are either removed from the market or sold.
Don't Get Caught in a Bidding War for Vero Beach Homes
In a separate report from the National Association of Realtors, more people are searching online for their new home. More than half of buyers start looking for a new property online, and just under half actually find the property they'll eventually purchase in this way. During the search for a new home, some 92% will have looked online at some point in the process.
Even though Vero Beach homes are moving more quickly, experts caution against entering into bidding wars or paying over the odds for property. They point out that buyers need to be prepared to move quickly through having pre-approved mortgages, but expect this need to gradually reduce as inventory levels increase and more new construction takes place.
Now more than ever, you need to have a broker on your side when looking for Vero Beach homes.
For continuous news as it may affect Vero Beach homes and home prices, click the Vero Beach Real Estate News link to your right under our Vero Beach Real Estate Categories.