Moody's: Home prices on their way up

In a positive sign for families planning on selling their homes and moving within the next few years, one report predicts U.S. home prices will be on a steady rise for the next decade.

Analyzing home prices, income growth, population and employment data, Moody's Analytics predicted that average U.S. home prices will grow 3.1 percent each year from now until 2020, reports AOL Real Estate. While some markets are expected to see higher prices from here on out, others have yet to hit the bottom and might only see modest price increases within the next few years, the report added.

For example, much has been made of the dismal housing market in Las Vegas, but relocating families selling their homes in that city will see prices increase by 5.04 percent each year through 2020, predicts Moody's. Meanwhile, Miami has yet to hit the bottom of its real estate market, and will continue to see price drops until 2012. After that, its growth rate will only reach 1.12 percent each year, said the report. Families in that city who are postponing their moving plans and waiting for higher prices may not have much to look forward to, Moody's official Celia Chen told the website.

Still, those low prices are encouraging many people to consider moving to Miami. The Miami Association of Realtors reported this week that pending home sales in Miami-Dade County last month were up almost 30 percent from last year.

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