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High Sales and Low Inventory Boost Home Prices

By mdblog - December 05, 2012
2012-year for housing This year's housing recovery is gaining momentum as signs are pointing towards a positive start into the new year. A recent report analyzed 48 of the 52 metro areas marking higher sales than a year ago, and Providence, RI ranked in some of the biggest rise in sales with a 48% increase. Although the market is still fragile, a stronger recovery is possible by next spring if more homeowners obtain mortgages and more inventories come to market. Meanwhile, the numbers for October show that closed real estate transactions are nearly 18 percent higher than in 2011. The month of October also marked the 16th consecutive month in which sales were higher to the corresponding month in 2011. High Sales and Low Inventory Boost Home Prices The National Association of Realtors reports median home price in October was up 11.1 percent from a year ago, marking annual gains for the eighth month in a row. The last time this has occurred was before the housing crash from October 2005 to May 2006. The reason for success is a combination of increased home sales and the lowest inventory in six years, according to NAR. Existing home sales were up in September to October with a 2.1 percent increase and 10.9 percent from last year's numbers, to a seasonally adjusted annual rate of 4.79 million. NAR Chief Economist, Lawrence Yun, believes the improvement could be even great for the coming year.

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Jim DeRentis
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