Nearly every time statistics are published regarding the housing market, renters benefit from the good news in some way. Now, home prices are once again rising, reassuring renters all over the country. Renters get the best of both worlds; they can take advantage of the improving economy, while avoiding the increases in home prices by renting.
According to the Federal Housing Finance Agency (FHFA), in July, home prices rose 1.0 percent since the previous month, totaling in a 12.5 percent price increase since January 2012. July also marked the 18th month in a row to see increases on the House Price Index- Purchase Only, conducted by the FHFA.
Additionally, the S&P/Case-Shiller House Price Index – 20 City Composite grew by 12.4 percent over this past year. This contributed to a 21.2 percent gain on this index since March 2012. Despite these current gains in home prices, there is still much more room for improvement. Basically, this means that home prices are going to continue to rise until they reach pre-recession levels.
It’s clear that housing markets are improving everywhere in the country, including Manassas. Pulling statistics from Trulia.com, the median sales price in our city has increased over 20 percent since this time last year. While increases in home prices mean that the economy is recovering, it doesn’t help out those who want to move into a new home. And, as Manassas becomes a more popular and desired place to live, home prices are only expected to keep growing.
Renters in Arcadia Run can live in this great area, without paying for an expensive house. Our apartments are all newly built, luxury apartments. They incorporate features not likely to be available in other residences; like extended windows, new designer cabinets, and granite kitchen countertops. The amenities offered to renters are equally as impressive, including a jogging trail, a playground, a fitness center, and a swimming pool planned for 2014. Arcadia Run is also in close proximity to Washington D.C. and major highways, ensuring you get everywhere you need to be.
You too could live in the charming historic Manassas, in an expertly built apartment. When you rent in Arcadia Run, you get all the benefits of owning a beautiful, quality home and much more, but without drying out your bank account.
The National Association of Home Builders (NAHB)