According to a recent report released by CoreLogic and Case-Shiller, the new home price index achieved its most rapid rate of appreciation since 2006 last year. Overall, housing appreciation in the United States was up by 11 percent during the third quarter of 2013 when compared to 2012. In Palm Beach County, the figures were even more impressive with a 14.8 percent increase in the third quarter when compared to the previous year.
While the real estate in Palm Beach County saw a significant leap in home prices in 2013, experts are predicting far slower growth in 2014. According to the report, home prices in Palm Beach County are only expected to grow by 3.6 percent in 2014. On the national level, appreciation is expected to be around 4.2 percent in 2014, which brings the figure closer to the long-term annual average of 4.5 percent. This drop in sales when compared to the third quarter of 2013 is expected as investor demand and sales of foreclosed properties decrease, particularly in those states that were hit early when the bubble burst and those cities with non-judicial foreclosure proceedings.