Current Real Estate Market Conditions

What are real estate professionals saying to homebuyers and sellers about current market conditions? The successful brokers and sales associates are talking about the strengths that exist in the market. Below are positive angles that appeared recently in the media and underscore why it is a good time to buy real estate.

NAR: Existing-Home Sales Rise in March Mark Expected “Spring Surge”
Buyers responding to the homebuyer tax credit and favorable affordability conditions boosted existing-home sales in March, marking the beginning of an expected spring surge, according to the National Association of Realtors®. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 6.8% to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February, and are 16.1% above the 4.61 million-unit level in March 2009.

According to Lawrence Yun, NAR chief economist:

• “Sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running. The homebuyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices.”

• “Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably. In fact, foreclosures are selling quickly, especially in the lower price ranges that are attractive to first-time homebuyers.”

• “With home values stabilizing, a revival in home buying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears.”

-- “Existing-Home Sales Rise on Home Buyer Tax Credit and Favorable Market Conditions,”  National Association of Realtors, April 22, 2010.