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Housing market trends upward

Although housing inventory is still low (in some markets), and demand is still high, (in some markets), Virginia-based Long & Foster Real Estate saw a 17 percent increase in sales over April 2012.
According to Long & Foster Companies President and Chief Operating Officer Jeff Detwiler, the fundamentals of the housing market remain strong and favorable for continued recovery, with
positive signs – including job growth, affordability, and consumer confidence – popping up all
Generally speaking, real estate agents across the board are experiencing what they call, 'a more active market' when compared with the past several years when many budding real estate agents called it quits.
“I just can't afford to stay in it,” said one Realtor, who preferred not to giver her name. “The costs are too much compared with what I can get out in commissions right now,” she added.
According to Caesar Gomez with Carrington Mortgage Services in Santa Ana, California, existing home sales in May of this year were at the highest level since November 2009.
Some analysts point to a strengthening manufacturing sector, more optimism about employment prospects, and an improving economy, as contributors to the current positive trend in real estate.
A market report for the Baltimore Metro region showed an increase of 14% in units sold in May of this year, making May higher than at this time last year, and 18% higher than last month. Harford County showed an increase in May of 19% compared to May 2012, and an increase of 24% over last month.
Other regions show similar upward trends.
Las Vegas, one of the hardest hit areas in the downturn in real estate, has reported multiple offers on many homes currently on the market, an uptick in prices, and a place where many investors are turning to once again seize attractive opportunities.
According to the S&P/Case-Shiller Home Price Indices, home prices have risen slightly over 10% nationally compared to last year.
While foreclosures and short sales continue to affect the real estate marketplace, it's difficult to know for certain how long it will take for those factors to work through the system. But with interest rates for mortgages still in the low numbers, and housing prices still relatively low, real estate does appear to have broken through the doldrums and is gaining ground once again.
And as consumer confidence continues to grow, it's natural to expect people to turn to real estate and awaken their dormant dream of selling or buying a home.
Whether or not the optimism in the housing sector will inspire a new influx of real estate agents , only time will tell.


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