Eric Belsky, the managing director for the JCHS, said that in baseball terms, the market recovery was still in the early innings of the game. However homes sales are strengthening, the rental market has turned a corner and home prices are finally stabilizing. Belsky felt that unless the economy went into a tailspin, the increase in home sales would help stabilize home prices further which would help to kick-start the home construction industry.
While the market improves, the report did say the backlog of foreclosed properties and tight lending policies from banks are still a problem. Below is a breakdown of the change from 2011 to 2012.
- Home Sales (Existing) + 5.2%
- Condo Sales (Existing) + 6.3%
- Home Sales (New Const.) +16.7%
- Inventory of Homes -23.0%
The report also showed that the average monthly mortgage was rated better than monthly rents for the first time since the beginning of the 1970s. Renters rose in the biggest annual increase since 1980.
All of these numbers show that now is the time to get in touch with a realtor like the experts at Tammy Mitchell Hines and start looking for that dream home right now!
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