Real Estate Market Recovery is Real |

Real Estate Market Recovery is Real. No Average Price Decline Since January 2012

real estate market recoveryAtlanta, Home Union’s cash flow zone, earned an A- on Thumbtack’s Survey of Small Business Friendliness, according to The cities surveyed were ranked over several factors including the current unemployment rate, per capita income, the number of businesses per 100 residents, and ease of hiring. Raleigh, Austin, Tulsa, Oklahoma City, Tampa, Seattle, Minneapolis, Houston and Omaha are the other 9 cities on the list.

Sales of new single-family houses in March 2013 were at a seasonally adjusted annual rate of 417,000, and this is 18.5% above the March 2012 estimate of 352,000, according to a joint report released by US Census Bureau and US Dept. of Housing and Urban Development. The median sales price of new houses sold in March 2013 was $247,000, and the average sales price was $279,900. US house prices rose 0.7 % on a seasonally adjusted basis from January to February, according to the Federal Housing Finance Agency’s monthly House Price Index.

Housing Market Leading Indicators

US house prices have not declined on a monthly basis since January 2012.

Trulia reinforced that the market recovery is real and improving citing the base indicators from three different sources and comparing them to the past and when normal. As of March 2013, Housing Starts were at an annualized rate of 1,036,000 homes; Sales were at an annualized rate of 4.92 million homes; and the delinquency and foreclosure rate dropped to 9.96%.

Zillow Home Value Index increased 0.5% on a year-over-year basis to $157,600. According to the Zillow Home Value Forecast, US home values are expected to increase 3.2% over the next year. Rents increased 4.9% nationwide in March 2013 compared to March 2012.

According to Corelogic April Market Pulse Report, new household formation and homeowners who experienced foreclosure in 2012 will ensure strong rental demand in 2013.

Freddie Mac’s 30-year fixed-rate mortgage averaged 3.4% for the week ending April 25, 2013, and the 15-year FRM averaged 2.61%.

Ready to learn more? Schedule a call