Realtors are rejoicing because home prices are up. Prices rose 5.7% from January 2014 to January 2015, according to a new study. This may also be good news for the manufactured housing industry.  As the price of site-built homes escalates, potential homebuyers may begin to realize they will get more for their money in a manufactured home.

Realtor.com News tells MHProNews that according to the CoreLogic Home Price Index, several states set new highs. These states are: New York (+5.6%), Wyoming (+8.3%), Texas (+8.3%), and Colorado (+9.1%). The HPI covers 7,267 ZIP codes (60% of total U.S. population) and 1,282 counties (85% of total U.S. population) in all 50 states and Washington, DC, and includes all sales types, including distressed (i.e., foreclosures and short sales).

Surprisingly enough, these are states where a lot of manufactured homes are sold, and that number is expected to increase, also.

Here are the highlights from the CoreLogic report:

• 27 states and the District of Columbia are within 10% of the prices they peaked at in 2005. That means home values for many owners are nearing values not seen since before the housing market collapse.
• The five states with the highest appreciation were Colorado (+9.1%), Michigan (+9%), Texas (+8.3%), Wyoming (+8.3%), and Nevada (+7.6%).
• Only Maryland (-0.3%) and Connecticut (-1.9%) saw price declines.

The report says that home prices are expected to continue increasing. This is a trend that can only provide new clients for manufactured home sales. ##

(Photo Credit: CanStock)

 

Article submitted by Sandra Lane to – Daily Business News – MHProNews.