Earlier this year, 100 major real estate brokers from around the country reported first quarter gains in number of transactions and dollar compared to the same period as last year. The historically low interest rates, along with buyers’ gaining confidence in the market place, is sending the real estate market upwards. This kind of confidence has not been seen in the last five years.
According to Lawrence Young, a member of the National Association of Realtors (NAR) and chief economist, “Since the majority of families in America are homeowners, a rise in home value certainly lifts their confidence, which in turns helps the economy as people feel more comfortable spending their money. It’s all good news in housing, and I think the momentum will continue.”
Economists expected the index on consumer attitudes to be around 71 points. Last month, it was announced that the index jumped to 76.2 from 69 back in April. That is the largest increase in consumer confidence in five years.
Across the country, real estate markets are making a come back. In Florida, inventory is very tight and in some markets, there is only a three month supply, according to president and CEO of Prudential Florida Realty. Also, parts of the California Bay Area are seeing the same results and multiple offers on properties. The demand for properties is outstripping supply, which is driving the markets.
All 20 cities apart of the Case-Shiller Reports reported positive year-over-year growth. “Home prices in all 20 cities posted annual gains for the third month in a row. Twelve of the 20 saw prices rise at double-digit annual growth. The National Index and the 10-and 20-City Composites posted their highest annual returns since 2006,” said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. Denver was one the cities that showed monthly gain, along with Charlotte, Seattle, and Washington.
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Source: RISMedia, Home Sales Soar, Consumer Confidence ReturnsPosted by Breckenridge Associates Real Estate on