This Just in from NARMarch 25, 2013
Existing home sales and prices continue to rise in February, and all indicators point to a total housing recovery. The National Association of Realtors, (NAR) announced that as of February, sales have been above last years levels for 20 consecutive months. Further, existing home sales are up by .8% to 4.98 million in February, which is adjusted seasonally, and that makes the increase 10.2% higher than in January of 2012. The sales this February were at the highest since the tax credit period of 2009, according to NAR. Chief Economist for NAR Laurence Yun predicts that continued growth is expected in housing and released this quote, “Job growth in the improving economy and pent-up demand are causing both home sales and rental leasing to rise. Though home prices are rising much faster than rents, historically low mortgage rates are still making home purchases affordable.”
At the end of February housing inventory rose by 9.6% which is a 4.7 month supply which is up from 4.3 months supply in January, and this also marks the lowest supply since May 2005. The median home price was up 11.6% from February of last year. According to NAR the last time there was a 12 month consecutive gain was from June 2005 to May 2006, which was the height of the market, this makes the February gain the most impactful since November 2005. Yun continued that “A strong rise in home values, is contributing to housing wealth recovery, which has risen by $1.4 trillion in the past year and looks to top that increase this year. The extra consumer spending arising from growth in housing wealth is expected to be $70billion to $110 billion this year.” This could not be more true for Fort Lauderdale as well, since home prices are consistently rising, inventory is decreasing, and often times well priced homes are being snapped up very quickly. If you are looking to sell your home, or purchase a home in Fort Lauderdale, contact us today.