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America is making its way out of one of the worst housing crises in history. Currently, the housing recovery has pushed up home prices nearly everywhere. According to Kiplinger, prices nationwide increased by 10.9 percent, pushing the median price for existing homes up by $30,000, to $215,000. If you have been waiting to sell your home, this is great news.
Market observers agree that home prices will continue to rise in 2014 at a forecast of about 4 percent. The percentage of consumers who intend to buy a home in the coming year will be the highest it has been since 2000. As home prices continue to rise, more owners that had been underwater will climb out of negative equity and start selling and buying homes. CoreLogic reports that almost 3.5 million homeowners emerged from negative equity between the end of 2012 and mid-2013. Florida - along with Nevada, Arizona, Michigan, and George -have the highest shares of underwater homeowners.
In the past year, sales of existing homes and condos rose by 11 percent, to 5.29 million - almost the highest level in four years. Nationally, the supply of homes for sale stands at about five months' worth. Months' supply is a measurement of how long it would take to sell everything at the current pace of sales. A market that is balanced between buyers and sellers has about six months' supply of homes which means the current level slightly favors sellers.
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