According to an article in the Washington Post, reports are showing the market has potentially balanced, and several pundits anticipate home prices to begin their journey up once again. Ken Wenhold, director of Metrostudy’s mid-Atlantic region, says he’s expecting significant – more than 10-percent – year-over-year increases in resale prices to begin this fall.
A report based on data from the Metropolitan Regional Information Systems says the supply of homes fell in July to 5.3 months’ worth, which is considered “at or below equilibrium”. Using the Standard & Poor’s Case-Shiller Index, which is a tool that’s used to analyze sales activity, economists report a 0.5 percent increase in home sales across the U.S.
Additional data points to an increase in new home sales of an additional 11 percent in June.
Also, while distressed homes recently accounted for more than 50 percent of the home sales, they have now decreased to a more satisfying 33 percent.
With improved builder sentiment and an increase in investor energy, buyers and sellers alike are on the look out for these incredible opportunities.