Jupiter, Fla. (PRWEB) September 21, 2012
The latest jump in single-family home sales in 2012 is impressive: 7.8 percent in August, compared with July.
The promising statistic delivered by the National Association of Realtors buoyed optimism about the strength of real-estate market recovery.
On the same day the national report was released, the Realtors Association of the Palm Beaches offered that home prices rose 12 percent in August, compared with the same time last year, to an average of $215,000. The report also showed existing-home sales rose 8 percent during the same period.
Waterfront Properties and Club Communities, a home-sales specialist in northern Palm Beach County, has had a busy summer and is entering the season with a more-than-on-target budget. By the end of the year, the company’s projected revenues should be exceeded.
The local association’s report pegged the number of homes for sale, or the inventory, at a near-perfect less-than-five-month-supply. Waterfront Properties’ agents who list Abacoa homes for sale and Evergrene homes for sale say the inventory in their specific communities is healthy for the local market.
Like Palm Beach County, the inventory nationwide is in the sweet spot – just above six months’ worth of homes.
Residential real-estate transactions have sped up, as well, according to the national association. The average number of days a home was on the market was 70 in August, compared with 92 in 2011.
In Florida, single-family home sales increased 11 percent between August 2011 and August 2012, while the median price increased 6 percent to $139,000.
A list of factors that has persisted for the better part of 2012 is aiding in market recovery. It includes record-low interest rates from mortgage lenders and competitive pricing. According to Freddie Mac, rates for regular, fixed-rate mortgages are 3.6 percent in August, compared with 4.27 percent in August 2011. Nationally, the median price of a single-family home is $187,400.
Another factor is the belief on the part of citizens that homeownership in the United States is attainable.