Monday, July 30, 2012

Sellers' Housing Markets Are Starting to Improve

According to research by Zillow, the housing market is starting to turn towards a sellers market meaning that homes are starting to sell at or near the asking price in many areas of the country.


Zillow’s listing of top seller and buyer housing markets
Zillow’s listing of top seller and buyer housing markets


Zillow Chief Economist Stan Humphries says “It’s refreshing to see some markets swinging back in favor of sellers, with asking prices being met and listings spending fewer days on market.”  He reports that “The housing recession has been long and rocky, and we’re seeing more balance during this summer selling season. Of course, many markets are still firmly in favor of buyers, and we expect that to continue until the recovery takes more of a hold nationwide.”


A Sample of Zillow’s Real Estate Market Report 2012
A Sample of Zillow’s Real Estate Market Report 2012 (click image to enlarge)


Another good indicator of the improving health of the real estate market is the rising home value index.  Zillow reports that from April to May of 2012, housing values increased 0.5% overall.


The U.S. Home Value Index is on the rise according to Zillow.
The U.S. Home Value Index is on the rise according to Zillow.



Home values have risen for the past three months showing strong appreciation rate increases overall.

References:  May 2012 Zillow Real Estate Market Report.

Tuesday, July 17, 2012

Housing Market Begins to Climb Out of Slump

The rumors of a housing comeback are becoming reality as housing sales are beginning to climb and prices are beginning to increase.  David Wessel of The Wall Street Journal reports that "The U.S. has moved beyond attention-grabbing predictions from housing "experts" that housing is bottoming.  The numbers are now convincing."


The rumors of a housing comeback are becoming reality as housing sales are beginning to climb and prices are beginning to increase reports David Wessel of The Wall Street Journal.
The rumors of a housing comeback are becoming reality as housing sales are beginning to climb and prices are beginning to increase reports David Wessel of The Wall Street Journal. (click to enlarge)

The inventory of unsold homes is shrinking contributing to the market's comeback.  Housing construction is also up by 26% since spring of last year which has contributed to the economy’s growth recently.

Experts agree that even as the economy slows a bit, the recovery of the housing market is steadily gaining momentum.  The majority of economic forecasters agree that the housing market has bottomed out.

References:
http://online.wsj.com/article/SB10001424052702303644004577520414196790098.html#printMode