Jupiter, FL (PRWEB) June 30, 2012
Another promising sign the U.S. housing market is rebounding has manifested, much to the delight of the real-estate agents.
May’s good news has to do with pending home sales. They’re up.
According to the National Association of Realtors, contracts on existing homes in May equaled a two-year high, rising 5.9 percent and reaching an index level of 101.1 -- the largest gain since October of 2011.
Pending home sales haven’t been as high as they are now since April of 2010, according to the association, and the reason they were high that month was because buyers were trying to record transactions before that attractive home-buyer tax credit expired.
Lawrence Yun, the association’s chief economist, said the market is poised for a run that hasn’t been seen in four years. Yun predicted an improvement in overall sales of 10 percent for 2012.
The positive statistics released by the association enthralled economists, who in recent polls said they expected contracts to rise a mere 1 percent in May. Contracts, which precede actual home sales by up to two months, dropped 5.5 percent in April.
In a related report by RISMedia, an online real-estate news and information source, the association pointed to low inventories of single-families, condominiums and townhouses for sale today and said that resulted in an actual decline in existing home sale when the figure was seasonally adjusted. However, there’s an upswing to having a low inventory, and that is a rise in prices.
More good news for the real-estate industry, Yun said.
Figures released by the association indicate housing inventory at the end of May declined slightly to 2.49 million units, or a 6.6-month supply, down from April’s 6.5-month supply. The median price for a home rose to $182,600 in May, an increase of 7.9 percent.
Yun said the gain is the third consecutive monthly increase. The last time the median price of a home rose three consecutive months was in 2006.
Waterfront Properties and Club Communities is seeing a spike in existing home sales, as well. Its summer marketplace has homes for sale in BallenIsles, a lovely club community in Palm Beach Gardens, Fla. Waterfront Properties also has homes for sale on the Loxahatchee River in the Jupiter / Tequesta area of northern Palm Beach County. Admiral's Cove real estate also is a big seller, and a video of the gorgeous community can be seen by clicking here.
Agent specialists at the licensed brokerage are interested in helping clients with all of their South Florida real-estate needs and can be reached by calling the main office at 561-746-7272.