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Economists Seeing Signs of Sustained Housing Market Gains
|Economists are seeing signs of sustained improvement.
Thursday July 26th, 2012
In a sign that the housing market may be seeing a sustained recovery from the recession, most economists now seem to agree that the market has moved past the point where conditions will slip again.
A survey of 47 economists by the Wall Street Journal found that the vast majority felt that the national housing market had reached its bottom and was now set to move upward.
The levels of new construction in the national market are another positive sign. Government data showed 26 percent more new homes were started in May compared to May 2011.
National home sales, prices exemplify improvement
Recent sales data from the National Association of Realtors has also highlighted the recent gains in the housing market. The group said home sale data from May showed prices increasing compared to the prior year.
While that may eventually result in higher asking prices, it's also a sign for those looking at properties that the market is stable, and they will be able to find buyers if they choose to move in the near future.
The median price for existing homes was up by 7.9 percent in May 2012 compared to the same month in 2011, partially driven by low supply. There is such a lack of available properties in some locations that buyers have ended up in bidding wars with others. While that is less of a concern for new homes, it shows the desirability of homeownership.
Florida homes also display gains
The shift has also been seen locally in recent months, with Miami property sales exemplifying a steadier real estate market.
When analyzing its own data for the month of May, the Miami Association of Realtors said that home prices had increased for the sixth consecutive month - an even stronger indicator of growth than what was seen on a national scale.
"Miami home prices have experienced double-digit appreciation consistently over the last six months," said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. "Strong demand for Miami properties continues to fuel this dramatic market strengthening that has yielded limited supply and will result in home prices increasing further."
Gains have also been seen across the state, with the group saying that the statewide median price for single-family properties had jumped 8.9 percent while the cost of condominiums jumped more than 14 percent.
National real estate trends have a major impact on the real estate market on a daily basis. Keeping up-to-date on the latest news and notes posted by GL Homes can make sure those looking for South Florida homes know exactly how the current market will affect them.