Real Estate Market Shows Signs of Recovery in January 2012 with Rising Home Sales
Real Estate Market Shows Signs of Recovery in January 2012
Many are still wondering when and if the real estate market will recover. Recent reports by NAR’s chief economist, Lawerence Yun, tell us we’re not there yet, but definetely showing consistent postitive signs of recovery. Recent home sales statistics show inventories continue to improve and Exisiting-home sales rose in January 2012, marking three gains in the past four months. Total existing homes sales, including single-family, townhomes, condominiums, and co-ops, increased 4.3 percent in January to a seasonally adjusted annual rate of 4.57 million, which is .7 percent above a spike in January 2011 at 4.54 million.
Lawerence Yun said strong gains in contract activity in recent months show buyers are responding to very favorable market conditions. Mr. Yun explained, “The uptrend in home sales is in line with all of the underlying fundamentals including pent-up household formation, record-low mortgage interent rates, bargain home prices, sustained job creation and rising rents.” Housing inventory fell .4 percent at the end of January to 2.31 existing homes available for sale, which represents an approximate 6.1 month supply, down from a 6.4 month supply in December 2011.The Pending Home Sales Index, an indicator used to track contract signings, also rose from 95.1 in December 2011 to 97.0 in January 2012.
The Pending Home Sales Index hasn’t been this high since the home buyer tax credit incentive in April 2010 when it reached 111.3. Mr. Yun said this is yet another hopeful indicator going into the Spring home-buying season. Mr. Yun also said, “Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain in 2012. With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations.”
For more information on recent housing market conditions, please visit January Pending Home Sales Rise Market Uptrend and Existing-Home Sales Rise Inventory Falls January 2012
Dallas Real Estate Market | Dallas Home For Sale
If you would like more information on recent market conditions and trends for real estate in Dallas or pending/existing statistics on Dallas homes for sale, please contact DFW Urban Realty. Our Realtors in Dallas specialize in buying and selling homes, new homes, townhomes, condos, lofts, and high rises.
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