Housing markets nationwide lead strong recovery
Posted on Wednesday, October 30, 2013 at 9:57:26 AM
The housing recovery following the bubble and economic recession has been slow going. However, affordable residential financing could help the process along.
Recent data from Realtor.com indicated that several major metropolitan areas are leading the charge, and nationwide a positive trend in housing purchases has emerged.
Two good indicators of real estate recovery - a smaller inventory of homes for sale and greater median list prices - are present in many markets throughout the U.S., according to the news source. At the head of the pack are the Detroit, Mich., Santa Barbara, Calif., and Reno, Nev., markets, although those regions aren't alone when it comes to recovery.
More markets are improving, even those that haven't changed in the past.
"We're noticing a clear split between markets that have experienced major highs and lows in recent years, and those that have proved more resilient," said Errol Samuelson, president of Realtor.com. "With the recent moderation in some of the more volatile markets, the subtler acceleration activity becomes more visible."
However, continued recovery depends on consumer confidence as well. According to Bloomberg, that has dipped in October because of the partial government shutdown and other fiscal concerns. Ideally, those elements will improve over the coming months.
For those with residential financing, a stronger housing market opens up a wealth of new opportunities to buy and sell, all across the country.