Did the real estate market recover in 2012? After reviewing a year end report from The KCM Blog, we believe that the market made a strong turn into a positive direction. Here are some interesting facts from the report:
- Sales of new homes rose 4.4% in November to a two-and-a-half-year high which is the highest level since April 2010 when a temporary tax credit boosted demand.
- New home sales are now 15.3% higher compared to one year ago
- Home prices rose 4.3% in the 12 months ending in October
- Existing home sales are at the highest level since November 2009 and are 14.5% higher than November 2011
- The national median existing home price was $180,600 in November, up 10.1% from November 2011
- Total housing inventory at the end of November fell to a 4.8 month supply and is the lowest housing supply since September 0f 2005 when it was 4.6 months
So, what is driving the surge in the real estate market? A recent Wall Street Journal article states that Americans are on the move again as an improving labor and job market enable more people to relocate. The article reports that 3.9% of the population or 11.8 million people moved in 2011 which was the highest level since before the recession and up from 3.5% in 2010 and 2009, which was the lowest level since the Census Bureau began tracking the data in 1948.
Here at Epic Development, we definitely saw a surge in the market in 2012 and are already feeling a busy 2013. View all the details of our current listings here. For more information about homeownership or real estate investment in Atlanta call Jim LaVallee at 404-847-9080 or write Jim@EpicDevelopment.com. For more information about commercial real estate operations or investment visit EpiCity.com.
Image courtesy of The KCM Blog