Evidence Supports A Healing Housing Market
Sure, we’ve been hearing that the real estate market is on an upswing. We’ve heard predictions and assurances, and now there is something more – for the first time in seven years since the housing boom fizzled, there is hard data to support the hype. A recent Wall Street Journal article reports that S&P’s David Blitzer recently reported the first monthly increase in the S&P/Case-Shiller house-price data in seven months. The news is exciting, and a clear indicator that the real estate market – and the economy – are moving in the right direction.
According to CoreLogic, a real estate data firm, home prices rose 2.5 percent in June compared with a year ago and about ten percent more homes were sold in May than in May 2011. For the most part the homes were purchased by investors looking to market them as rentals for the short term, selling them later. This is a sign of having reached an inflection point. Even more encouraging, and slightly surprising, is the fact that the inventory of currently existing homes for sale has dropped to normal levels even in light of the number of foreclosed and bank-owned homes on the market. The percentage of vacant homes is at its lowest level in six years. More single family homes – 26% more than in May 2011– are being built. Housing construction is adding to the nation’s economic growth, which is adding further stability. By all accounts, the housing market is moving in a direction that indicates promising recovery.
For any and all of your questions about the Richmond Hill and Savannah, Ga areas, as well as real estate questions and needs, please don’t hesitate to contact me, Teresa Cowart, as I am always happy to help! You can also connect with me on my Facebook Page for area info and events, things to do, real estate news, home ownership tips, and so much more!
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