NV leads US in home appreciation
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Nevada led the country in home appreciation according to the Home Price Index for June released this week by CoreLogic.
Nationally, home prices increased nearly 12 percent in June compared to the same month in 2012. In both Nevada and the Reno/Sparks area, that number jumped 26 percent in one year.
Helen Graham is president of the Reno/Sparks Association of Realtors. Locally, she's seen local median home prices increase significantly in the last year, but she says it's important to note that all of these raised figures include short sales and bank-owned properties.
"These price increases are in a lot of the lower-end properties, and we've worked through that inventory or we're working through that inventory very fast. So, it's not realistic for somebody to think they can bring a regular-priced property onto the market at 30% of what it was worth last year--that would be completely unrealistic."
Graham says the local housing market is slowly bouncing back from the recession, but she remains cautiously optimistic.