It may be a little early to start putting the champagne
on ice, but looking over last week’s releases of housing reports gives us a
fairly good idea of how our local housing picture for the year 2012 is likely to
end up.
“The housing recovery that started earlier in 2012
continues to gain momentum,” according to CoreLogic’s Chief Economist. The
monthly data report covered final national numbers for October (a year-over-year
rise of 6.3%) as well as a probable 7.1% increase for the month just
ended.
CoreLogic was also “seeing an ongoing strengthening of
the residential housing market” as well as “improving buyer demand.”
If CoreLogic’s take was not quite definitive enough to
trigger an early break for the bubbly, there was additional news from the
financial soothsayers. Seekingalpha.com stayed with its months-long
view that “there are immediate long-term opportunities for homebuyers,”
while Barron’s quoted RDQ Economics’ John Ryding’s pronouncement on the
housing market: “the recovery is running ahead of our
expectations…”
Meantime, the Wall Street Journal was
blogging about the ‘Five Reasons Home Prices Have Been Rising’ – including
favorable affordability, lowered levels of distressed sales, and rising rent
levels. They also pointed to plunging inventories that “see more buyers chasing
after fewer properties.”
Of course, the complete localhousing picture for the
full year won’t be known until December is in the books. But considering how the
year has treated us so far, we are very well ahead in sales for Southwest
Indiana. This certainly is a good time to list homes as we have low inventories.
Please call me if you are interested in listing your home. You can reach me on
my cell phone at 812-499-9234.
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