Home Values Rise: Experts Say Good for the Economy

Tallahassee, FL - September 26, 2012 6:45pm

Experts say they're more optimistic about housing after a rise in home prices. They say stronger housing numbers are a positive factor for other measures, including consumer confidence.

A new report shows home prices are on the rise for the fourth month in a row and at their highest level in nearly two years.

Homeowners and investors who are thinking about getting into the market say they hope it's a sign the economy is looking up.

Bill Weissert, local homeowner says one of his sons just bought a home.

He says new reports of home sales rising could motivate another one of his sons to buy.

Bill Weissert, Homeowner: "I think he'll eventually be moving in the market. Everybody starts thinking about buying when they think prices are going up. So, I think that'll induce him to do something in the not too distant future."

The Standard and Poor's/Case Shiller index says home prices increased 1.2 percent nationwide in July, compared to the same month last year.

It says steady price increases and record-low mortgage rates are helping drive a housing recovery.

Geoffrey Adams, Tallahassee Resident "hopefully they're not letting up too much on the lending procedures and policies; they're still making sure that people are eventually going to be able to pay for their mortgages. Hopefully it's just a sign that people are back to work and the economy as a whole is improving."

Locally, realtors say home sales are up over last month in certain price points, the 100,000 to 150,000 is the highest. 150 to 200,000 is next and the rest of the market is fairly flat.

Geoffrey Adams, Tallahassee Resident: "I really hope we are on the upswing. It'd be nice to have some good news for a change."

A report shows the median price on existing-homes rose 9.5 percent over year ago levels. The median home price in August is $187,400.

Realtor Gary Bartlett says some people are still being cautious, but, says the overall perception is things are getting better.

Tallahassee, FL - September 26, 2012

A new report says home prices kept rising in July across the United States.

The same result holds true locally in some home price ranges.

The report says national home prices rose in July compared to the same month last year. It says the increase in home sales is attributed to greater sales and fewer foreclosures.

The Standard and Poor's/Case Shiller index says national home prices increased 1.2 percent in July, and that it's the second straight year-over-year gain after two years without one.

Experts say rising home prices are one of many signs that the housing market is slowly recovering, and say the borader economy is likely to benefit from rising home prices.

Realtors say home sales are up over last month in the Tallahassee area in certain price points. The 100-thousand to 150-thousand is the highest.

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