In an article yesterday published by bloomberg.com, it was reported residential real estate prices increased in January by the most since June 2006, indicating the U.S. housing market strengthened at the start of the year. The S&P/Case-Shiller index of property values in 20 cities climbed 8.1 percent in Jaunary from the same month in 2012 after rising 6.8 percent in the year ended in December, the group said today. The increase exceeded the 7.9 percent median forecast by ecomomists in a Bloomberg survey. Improving home values will lure more buyers into the real estate market by inducing current owners to put their properties up for sale and prompting builders to begin work on new dwellings. Historically low lending rates and a stronger labor market have helped fuel the rebound in housing, which is a source of strength for the economy. (cited from Alex Kowalski for Bloomberg.com).
For more information on local real estate growth and activity in the Olde Naples, Port Royal and surrounding waterfront areas, contact area expert Andrew Arreola at 239-821-3560 or [email protected].