Things are flipping back the other way it the housing market as sales of homes are on the up tick as well as housing pricing. After a six plus year down market, the real estate industry is now reversing course and prices of homes are going up, up, up.
Real Estate markets such as Atlanta, Orlando, and Phoenix are setting the pace with housing values looking very strong as well as cities such as Dallas, Oakland and even Detroit. Detroit housing prices have been depressed for a significant time and down serious numbers but the home of the Auto Industry is now beginning to gain altitude as the housing prices are up 17% over the last quarter of 2012. Atlanta and Orlando’s real estate market strength these days seem to be, in large part, to real estate investors and that has buoyed the market significantly.
Although the upbeat market is helping the entire industry there have been a significant amount of cash buyers as the cash buyers have been responsible for close to 28% of the sales of which over 90% of those real estate sales are existing homes. That data indicates a large part of the those cash buyers are real estate investors in this born again real estate market. Seattle is also a hot spot as a bunch of offers over the asking price of homes is not uncommon in that North West city where the Sun rarely makes an appearance and a good cup of coffee is king.
For sellers this market is a relief and a blessing as the time a home is on market is now down to only ninety-eight days. Although not a spectacular number unto itself it is significantly better than the 123 days on market as reported in February and represents a huge 22% reduction as to time on market.
Nationwide real estate firms such as Red Oak Realty, Coldwell Banker, Era and Century One are all giving indications that the real estate market is coming back strong and the National Association of Realtors is reporting that inventory has dropped to just over a 4 month supply. Several more months of this kind of positive real estate market data will surely continue to boost the ailing US economy and one real nice thing about homes selling faster and at higher prices is that they are not artificially aided by unreasonably easy to obtain mortgages.