Positive Signs Abound for Housing

May 18, 2012 at 4:17 pm 1 comment

The first quarter of 2012 was the best first quarter for real estate in five years, and pending contracts suggest that the second quarter of 2012 will be the best second quarter in five years, NAR Chief Economist Lawrence Yun said this morning at the Residential Economic Update during the NAR Midyear Legislative Meetings & Trade Expo.

Moreover, he said the second half of this year could be even better than the first, in part because of continued increases in rental costs and record affordability of homes. “Renters are getting squeezed, and they don’t want to rent anymore,” Yun explained. “This could be the year we see the release of pent-up demand.”

Home prices have been skipping along the bottom for about a year now, Yun said, a trend that has drawn investors into the market. These investors have helped housing through a couple of difficult years and partly mitigated the dysfunctional mortgage market.

“Right now is the time to buy low,” he said. “Investors are coming in to take advantage. Second homes started to recover nicely last year because of investors.”

However, home values are poised for a rebound as more traditional buyers move back into the market, Yun said. In fact, this has already started to happen in areas such as Phoenix and Miami, which have seen year-over-year (March 2011 to March 2012) double-digit percentage increases in home prices.
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Source: Daily Real Estate News | May 17, 2012 | Brian Summerfield, REALTOR® Magazine

The Atlanta Perspective (March 2012, ABR Market Brief):

  • While Median prices continue to decline from 2011 levels, they reversed the trend for the second month in a row in March by netting a 15.6% increase in a month-to-month comparison with February 2012. 
  • Single family residential sales in Metro Atlanta increased 23.5% in March 2012 to 3,768, compared to 3,051 in February 2012. 
  • Additionally, Total Sales reflect an annual increase of 7.7% compared to the 3,499 total sales for the month of March 2011.

from the Atlanta Board of REALTORS market brief (March 2012). A synopsis of sales, home prices and foreclosures.  Covers 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Forsyth, Fulton, Gwinnett, Hall, Henry and Paulding.

 

Entry filed under: Economic Recovery, Market Statistics, Real Estate Information, Real Estate News, Uncategorized.

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