Sioux City seeing bump in housing market - KTIV News 4 Sioux City IA: News, Weather and Sports

Sioux City seeing bump in housing market

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© "If January is any indication of what 2013 is going to be. It's going to be award winning," said Skaff-Gregg. © "If January is any indication of what 2013 is going to be. It's going to be award winning," said Skaff-Gregg.
SIOUX CITY, Iowa (KTIV) -

Nationally, more signs the housing market is rebuilding itself. Financial analysts are seeing a boom in numbers.

A big indicator of the housing market's recovery is higher home prices. The group at CoreLogic says November prices were up 7.4% year-over-year. That's the largest gain on six and a half years. CoreLogic expects prices to go up an additional 6% into 2013.

Here in Sioux City, real estate experts say we're seeing an uptick in our own housing market. If you want a house you may want to buy as soon as possible. January numbers are in and prices are up.

"In 2012, $102,000. January of 2013, $125,000 on average," said President of the Greater Sioux City Board of Realtors Julie Skaff-Gregg.

Skaff-Gregg says compared to this time last year, homes on average aren't just selling for more, but faster too. 

"If January is any indication of what 2013 is going to be. It's going to be award winning," said Skaff-Gregg.

Experts say the bump is driven by a number of things. Not enough housing to meet demand, milder weather which is getting folks shopping earlier, and record low mortgage rates.

"Today on our 30-year, we are at 3.5%. They've pretty stable this last few weeks," said Primebank Mortgage Loan Officer April Countryman.

Compare that to 4.5 to 5 percent a few years ago. Officials say those rates won't be here for ever and prices could keep climbing. So if you want a house...

"Exactly now. Now is the perfect time to buy," said Countryman.

About a year ago, Spencer, Iowa, had demand, but not enough supply. City officials told us they had a housing shortage.

We checked up with area realtors, Friday. They say things have eased a bit, but they'd still like to have more housing available.

Realtors say for about five years, a solid farm economy has kept their business consistent.

"We've been in a different market then the rest of the United States for the last five years, if you can believe that. We've never had the big run ups, we've never had the big decline," said Kyle Norris, a broker and owner at Spencer Realty, Inc.

Spencer was recently designated a "Blue Zone" in the effort to make Iowa the healthiest state in the nation by 2016. Realtors say once the two-year project is complete they might see an uptick in demand.

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