Source: National Association of Home Builders and “Americans Bought More New Homes in July,” NBC News (Aug. 23, 2012) While sales of newly built single-family homes is on the rise, buyers are finding fewer choices as inventory sinks to a new record low, the Commerce Department reported Thursday. New-home sales rose 3.6 percent in July...
Halfway through 2012, the housing market has shown truly positive signs. Key metrics are indicating a legitimate turnaround.
- New listings are down 4.7%
- Pending sales are up 15.8%
- Inventory Levels are down 3.8%
- Months supply of inventory are down 16.7%
These are all signs of significant improvement in the market which both real estate practitioners and homeowners have anxiously awaited. The only negative indicator was percent of original list price received which decreased 0.7 percent to 93.4, but this factor can be controlled by pricing the home correctly at the outset.
Reduced inventories of resale homes is also leading to an up-tick in new construction across the country. In fact, the August 2012 issue of Builder Magazine reports that median home prices are up 5% year-over-year. According to the author, “While home prices are seasonal, the first quarter of 2012 was a definite improvement over 2011, and the second quarter appears to have been the strongest spring in years. Nothing boosts consumer confidence in housing and helps stem foreclosures like rising prices.”
At North Eastern Group Realty, we are prepared to assist our clients with their significant Fort Wayne real estate decisions. Our corporate commitment is to provide real knowledge, proven experience and professional, quality service. To search all Fort Wayne homes for sale or find a Fort Wayne REALTOR, visit our website at NorthEasternGroup.com.
North Eastern Group Realty is Fort Wayne’s largest independent real estate company located at 10808 La Cabreah Lane, Fort Wayne, IN 46845.