Home prices and sales are up, in addition to builder confidence! All are expected to continue to increase over the course of the next year, which is great news for our real estate market.
For the seventh month in a row builder confidence rose, this time to high not seen since 2006! According to the NAHB Housing Market Index builder confidence is up to 46 from last year’s 19! That means that now about half of the builders view the housing market in a positive light.
Seasonally adjusted annual rate of home sales rose from 3.1 million just from September to October!
According to Lawrence Yun, a chief economist for the National Association of Realtors, we could see almost $1 trillion in additional home equity by next year! We have already had 8 months of consecutive increases in the national median existing home price. (Granted, the damage from Hurricane Sandy will affect the national average in time.)
Confidence drives the market, so statistics like these are welcome and uplifting!
Thank you to Real Estate Market Trends: Home Sales, Confidence Up for this information, keep up the good news!builder confidence, home equity, home prices, home sales, Jennifer Westmoreland, Jennifer Westmoreland & Associates, market conditions, NAHB Housing Market Index, NAR, real estate market news, real estate market trends Posted by