U.S. home prices to rise 3.1% in 2013
Phoenix Business Journal
Date: Wednesday, December 26, 2012, 12:38pm MST
U.S. home prices won’t rise as much in 2013 as they did in 2012, according to a panel of housing experts.
Home prices should increase 3.1 percent next year, lagging the 4.6 percent rise recorded in 2012, according to a survey of 105 economists, real estate experts and investment and market strategists by Seattle-based Zillow Inc.
“An organic recovery in the housing market really took hold in the latter half of 2012, and this improvement is echoed in some of the most optimistic price projections we’ve seen in years from this group,” Zillow Chief Economist Stan Humphries says in a statement.
Phoenix has been among the growth leaders in housing prices in the past year according to several surveys. That comes after prices fell in the region by up to 50 percent.
Home prices were up 34 percent in October in the Phoenix area, the latest survey from real estate researchers at Arizona State University.