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28
Home Prices Steady in our Markets
Our local markets continue to have stable growth in home price appreciation, ranking in the top 39% in the country.
Information courtesy of the Federal Housing Finance Agency (FHFA) for fourth quarter 2012. FHFA stats always run one quarter behind. Their full report is available at www.fhfa.gov. *Rankings based on annual percentage change in house prices. Nationally home prices have fallen 12.87% in the last five years, but all of our markets' home prices are up: 7.10% in Dubuque; 2.09% in the Quad Cities; 1.73% in Iowa City; and 0.82% in Cedar Rapids. This compares to other cities: Des Moines, IA down 4.82%; Chicago, IL down 25.54%; and the Daytona Beach, FL area down 44.33%. According to the Federal Housing Finance Agency, of the 302 MSAs (Metropolitan Statistical Areas) ranked by home price appreciation, all of our markets in eastern Iowa ranked in the top 39% in the nation – the Quad Cities at 77th; Dubuque at 93rd, Iowa City at 97th; and Cedar Rapids at 117th. Because our markets didn't fall as drastically as other areas of the country, the increase in home price appreciation has continued to be a modest, but steady gain locally. Analysts report that this was the third consecutive quarter where U.S. home price growth exceeded one percent. While a significant number of homes remain in the foreclosure pipeline, the actual number of homes available for sale remained low. This shortage of inventory is driving prices up as well. Our local markets continue to provide a much more stable environment for purchasing homes and investing in real estate. A family-owned company since 1862, Ruhl&Ruhl Realtors has grown to nearly 290 sales associates, 58 employees and eleven offices, selling more than 5,000 homes in eastern Iowa, western Illinois and southwestern Wisconsin. The company has residential sales offices in Bettendorf, Burlington, Cedar Rapids, Clinton, Davenport, DeWitt, Dubuque, Iowa City, Maquoketa and Muscatine, Iowa; and in Moline, Illinois. In addition to residential sales, the company offers services in relocation, property management, real estate investments, new home sales, land development, farm and land sales, senior services, home vendor services, insurance services through the Nelson Brothers Agency and mortgage services through Shelter Mortgage. For more information on Ruhl&Ruhl Realtors, visit their website at www.RuhlHomes.com.
