US economy rebound - existing home sales reach a 3.5 year high
28 May 2013
According to data recently released by the National Association of Realtors, US home sales have risen to 4.97million in April – the highest levels since November 2009. The number of properties on the market has risen to 2.16 million as more people are enticed to sell whilst property prices are increasing.
Median prices hit $192,800 in April; the highest since 2008 and with borrowing costs at record lows – combined with an improving job market – more Americans are being encouraged to buy houses.
After a 13-year low in 2008, home sales are recovering, Gennadiy Goldberg, US Strategist at TD Securities comments on the market, “Underlying buying trends remain broadly positive, with distressed sales as a percentage of total purchases falling.”
Rising home values have also resulted in the national negative equity rate falling in the first quarter of 2013 according to the Zillow Negative Equity Report. This will only further fuel more people to sell across the country, whilst others will wait for values to increase further as they may still not have enough equity in their properties to afford to move.
Experts say that it is only a matter of time before the situation improves further as rising home values are continuing to build equity to the point where more home owners can realistically sell.
Inventory across the country is still low, which is only fuelling demand further. As a result new homes cannot be built fast enough.
Select Resorts Properties are working with Global Real Estate Group, to offer for sale a number of new build waterfront properties in Florida.
Investors have been eager to purchase given the current market position and properties have been selling fast, therefore to reserve your preferred property, we recommend enquiring promptly.
The development boasts boat docks for boats up to 23ft long, the promise of fantastic rental yields and a fantastic lifestyle. Mortgages are now also available on the project, making it an even more attractive proposition.