West Region Home Prices Likely Up 10%+ in 2013, Northeast Up 3-5% (Cleveland Research)

Home prices look poised to increase further in 2013, based on 1) expected builder pricing plans for new homes in 2013 and 2) the current level of existing and new home inventory below historic/median levels

 

Home prices look to rise at least 6-8% in 2013 (2012 was up 4-5%); how this plays out regionally will be an interesting development to watch through the year

 

Bottom line, the West looks likely to outperform price inflation in the Northeast by a meaningful amount, something that likely impacts the rate of home volume growth year/year between these two markets as the year progresses

 

Three key insights below plus a few key charts are above.