Local housing market shows gains
Every month this year has shown increasing signs of recovery and stabilization in the housing market.
November sales recorded a 20 percent increase over a year ago.
According to the High Point Regional Association of Realtors, the market shows a 13 percent increase over the first 11 months of 2011 for the first 11 months of 2012.
“Instead of the seasonal slowdown that normally happens in October and November, the market was stimulated and grew by more than 16 percent,” said association President Cindy Martin. “So not only is the market stronger overall this year than last, the last months of the year show signs of leading the way to a very robust spring housing market.”
Although November national data has not been released yet, Re/Max’s National Housing Report for October continued the trend of increases in home sales and home prices.
Closed transactions increased 17.8 percent over October 2011. The Median Home Price rose 2.1 percent higher than the median seen last October to $158,900, representing the ninth month in a row that prices have been higher than the same month last year. Nationally, existing home sales rose 2.1 percent in October according to the National Association of Realtors.
In many markets, the inventory has shrunk and has been a concern for real estate agents. The number of homes for sale in October was 28.9 percent lower than last October. This shortage has caused prices to rise, but also presents a serious challenge for many homebuyers.
“As we enter the fourth quarter, 2012 is looking like the turn-around year for housing, with significant increases in sales and prices,” said Margaret Kelly, CEO of Re/Max. “However, we recognize that this recovery is still fragile and dependent on more reasonable lending and regulation. If qualified buyers can obtain mortgages and more inventory comes to market, this recovery could become even stronger next spring.”
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