Growth reported in individual housing markets
Posted on Wednesday, August 6, 2014 at 9:39:51 AM
While the national housing market is currently facing several key issues, many individual markets spread across the country are experiencing growth. This is a sign that there is relief out there for homebuyers and sellers, in addition to affordable residential financing rates.
According to Realtor.com, many metropolitan areas are seeing price increases helping out sellers and an uptick in inventory as a plus for buyers. For example, regions of North Carolina, Nevada, Louisiana, Pennsylvania and New York, among others, have noted improving conditions.
"National housing trends are masking some of the excitement we're seeing in individual markets," said Jonathan Smoke, chief economist for Realtor.com. "For the last two years, listing shortages constrained home sales and frustrated buyer demand. Our June data shows monthly inventory picking up in markets already experiencing price increases and fast property turnover. These dynamics will result in strong home sales and extend the buying season past the usual June/July peak to later in the third quarter."
However, these markets will have to overcome some consumer concerns. According to the National Association of Realtors, the environment is on the minds of many people. As a result, buyers are looking for walkable neighborhoods, energy-efficient homes and other eco-friendly design features.