Real Estate Market in the US Performing Well
The residential real estate market seems to have turned around as a National Housing Report from RE/MAX showed an impressive recovery in several parts of the nation, as home prices and sales rose consistently in every month of 2012. As of December last year, home sales increased by 3.8 per cent and the average price of residential property increased by 7.6 per cent. Throughout 2012, a fantastic combination of affordable prices, shrinking inventory and low interest rates created a large number of buying opportunities that buyers found very hard to resist.
“Home inventories dropped consistently last year, ending 2012 at 29.1 per cent below 2011’s inventory levels” noted David Harrington CEO of Forseti Real Estate Services. RE/MAX’s CEO, Margaret Kelly said that the hardest times may just have concluded for the US housing market thanks to 2012, a year that marked the turnaround with increases in prices as well as sales. She added that sellers and buyers have been re-entering the market and it is anticipated that the trend will continue for a few years into the future. She said that 2013 will be a stronger year for the residential real estate market when compared to 2012. Although the market hasn’t completely recovered, it is well on its way to a sustainable and solid recovery.
Year-over-year real estate activity has improved considerably over the past four years. December 2012 was the eighteenth successive month that recorded an increase in sales volumes as compared with the same month a year earlier, confirming the market’s strides towards recovery.
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