Homes are Selling, Consumer Confidence Returns
Earlier this year, 100 major real estate brokers from around
the country reported first quarter gains in number of transactions and dollar
compared to the same period as last year.
The historically low interest rates, along with buyers’ gaining confidence
in the market place, is sending the real estate market upwards. This kind of confidence has not been
seen in the last five years.
According to Lawrence Young, a member of the National
Association of Realtors (NAR) and chief economist, “Since the majority of
families in America are homeowners, a rise in home value certainly lifts their
confidence, which in turns helps the economy as people feel more comfortable
spending their money. It’s all
good news in housing, and I think the momentum will continue.”
Economists expected the index on consumer attitudes to be
around 71 points. Last month, it
was announced that the index jumped to 76.2 from 69 back in April. That is the largest increase in
consumer confidence in five years.
Across the country, real estate markets are making a come
back. In Florida, inventory is
very tight and in some markets, there is only a three month supply, according
to president and CEO of Prudential Florida Realty. Also, parts of the California Bay Area are seeing the same
results and multiple offers on properties. The demand for properties is outstripping supply, which is
driving the markets.
All 20 cities apart of the Case-Shiller Reports reported
positive year-over-year growth. “Home
prices in all 20 cities posted annual gains for the third month in a row. Twelve of the 20 saw prices rise at
double-digit annual growth. The
National Index and the 10-and 20-City Composites posted their highest annual
returns since 2006,” said David M. Blitzer, Chairman of the Index Committee at
S&P Dow Jones Indices. Denver
was one the cities that showed monthly gain, along with Charlotte, Seattle, and
Washington.
Please contact us to learn about real estate opportunities in Breckenridge and Summit County, Colorado. 800.774.7970 or 970.453.2200. Click here for the latest news about Breckenridge Real Estate.
Source: RISMedia, Home Sales Soar, Consumer Confidence Returns
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