Discussing the state of the housing market is becoming about as common as watching the morning news or pouring a cup of coffee. With so many homeowners wondering when to sell and home buyers wondering about their options, there is a keen interest in the latest housing market data. Of course the data varies by state.
Existing Home Sales
Recent economic data indicates that slow progress is being made in reducing the inventory of distressed properties and the pace of reducing this inventory is accelerating.
Despite mortgage rates remaining at near record lows, sales of existing homes are slow with erratic improvement. The prices of existing homes remain flat, in part due to the downward effect of distressed properties including foreclosure inventory.
New Home Sales
An interesting development is the uptick in new home sales in recent months. Depending on where you live, it is hard to miss the new construction of single family homes and townhomes. These new homes are selling in select areas and the builders do not feel compelled to offer discounts.
Of course, the economy is still in recovery and many economists report that the housing market recovery depends on the job and income recovery!