Home Sales Increased By 13%
The housing market may be turning around this year, according to an article published by The AJC last week. Home sales are the highest they’ve been since May of 2010, increasing by a whopping 13% over the last six months. First time buyers are taking advantage of the low interest rates and prices, which will soon cause the supply of homes to decrease and result in higher selling prices for homeowners. According to the National Association of Realtors, single-family home sales rose 3.8%, re-sales increased 4.3% and first-time buyers accounted for 33% of home sales. It’s nice to get some good news for a change.
However, foreclosures are still plaguing Americans and we will need to see a reversal in the number of foreclosures before we can regain confidence that the housing market is recovering. Trulia conducted a survey of consumers’ confidence in the housing market, and determined that “fewer defaults and foreclosures” would be the main indicator that the housing market is turning around. See the rest of Trulia’s results below.
What do you consider a sign of growth?