For the second month in a row, home prices have risen higher than a year ago, according to the latest RE/MAX National Housing Report.
RE/MAX has determined that March home prices were 5.8% higher than in March 2011 in the 53 metro areas. February 2012 marked the first time in 18 months that home prices rose higher than the previous year, and year-to-year price increases have not occurred in two consecutive months since August 2010.Â
Furthermore, home sales in March were 25.4% higher than in February and 1.5% higher than in March last year. For the last nine months, sales have reached a level higher than the same month in the previous year.Â
‘With buyers starting to jump into this market, this year's selling season is shaping up to be the strongest we've seen in years,’ says Margaret Kelly, CEO of RE/MAX LLC. ‘Although we don't expect home prices to rise in every market at the same rate, the worst is definitely behind us, and a slow, steady recovery is taking hold.’