Rising Home Sales: Slight but SurePosted 08/29/2012
They say that slow and steady wins the race and, when it comes to the recent housing market reports, ‘they’ seem to be right. Analysts are applauding the real estate revival, yet many homeowners are not seeing the uptick as fast as they might prefer. What’s important to consider, however, may just be a matter of perspective.
According to a recent report by the New York Times, existing home sales rose 2.3 percent in July while volume is in fact up more than 10 percent from just one year ago. Additionally, home inventory is down to a six-month supply as opposed to the nine-month supply available in the summer of 2011. As inventory shrinks, prices continue to nudge higher. Slow and steady.
Economists generally advise to steer clear of the idea of a ‘national real estate market,’ and it is important to note that results vary vastly by city. Some of the largest price increases are being seen in areas that were hit the hardest in the market downturn — a trend that certainly rings true for us here in Phoenix. Our local market has seen an 8.8 percent price increase since September 2011. More typical, though, are cities like Chicago, which has seen a 1.1 percent rise in the same time frame. Despite the difference in the numbers, one thing seems to be fairly universal across the board: markets are on the mend.
Barbara Gargiulo, a New Jersey real estate broker, may have said it best: “I think we’ll have some small little peaks, small little valleys, but in general we’ll see an upward curve over the next few years.”
We certainly agree, and we’re in it for the long haul. Click here to read the full New York Times article.
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