In the U.S. over the last year, homes prices have jumped up a staggering 3.8%. This increase is reason for cautious optimism, considering how weak the real estate market has been. And this is the biggest year-over-year increase in the last six years, a Denver Post article reports.
Ready for some better news? Colorado’s home prices are up 7.3%, ranking as the fifth state with the biggest gains. It falls behind Arizona, Idaho, Utah, and South Dakota. Since July 2011, Arizona’s home prices have risen nearly 16.6%.
Although the housing prices remain below where they were in April of 2006, the market has been slowly recovering in 2012. Builders are starting work on more homes, the sales of new and previously occupied homes are up, and mortgage rates are close to their lowest levels in the past 60 years. The recovery may be slow, but it is happening!