Uneven Bottom to the Housing Market?

The news of late has all been about the real estate recovery, signs of a turn-around, and boosts. Even the other day I wrote a blog on the frequency of multiple offer situations. Newer breaking news indicates that this long awaited recovery may be ‘uneven.’

As The Wall Street Journal explains in a recent article, “things aren’t getting better rapidly, but we’re also not in the ‘hold-your-hat’ declines of 2010 or the ‘spring that never materialized’ of 2011.” 

It is a jolty ride. Home sales are up from last year’s levels, but there have been month-to-month slowdowns. Pending sales dropped in June by 1.4%, but on average they are up by 10% over this last year. Statistics regarding sales of existing homes reads the same.

What is causing this trend? Some hypothesize it is the sagging economic recovery. Others link unemployment and lack of wage growth to the anchored real estate market. Still more feel many are waiting for that moment when deals are astronomical—it is only then that they will enter the real estate market. For all of these reasons (or perhaps none of them) we are in a very interesting market trend. So hold on for the wild ride!

  

Source: “Is This What a Housing Bottom Looks Like?” The Wall Street Journal (July 26, 2012)

Read More

Home Prices Perk Up

Comment balloon 4 commentsJenifer Lower • August 08 2012 06:42AM

Comments

Thanks for sharing!

Posted by Lisa Michael (Keller Williams Preffered) about 6 years ago

Good analysis, Jennifer.  We are in a very similar pattern hear in eastern PA. By the time the news comes out that sales are up x% from last year, we get the news that pendings are down from the month before. Everyone is keeping such close tabs on everything, that it almost sends your head spinning.

Posted by Pam Burzynski, Bethlehem Area Homes, Grace Realty Co. Inc. (Grace Realty Co. Inc.) about 6 years ago

Great post - it is uneven in socal as well. Pending sales are likely to go down in coming months as new inventory is lagging but prices are are going up. Regards Dave

Posted by David Grbich, Orange County Real Estate - 949-500-0484 (Realty One Group - www.FindCARealEstate.com) about 6 years ago

Such appropriate pictures to go along with what we're experiencing.

Posted by Patty Da Silva, Davie, Southwest Ranches Cooper City, Plantation, Weston, REALTOR, Top Listing Broker (BROKER of Green Realty Properties® - 954-667-7253) about 6 years ago

Participate