Numbers released from the National Association of Realtors yesterday show that sales of existing homes across the U.S. actually increased in February, a sign that things finally may be turning around.NAR Chief Economist Lawrence Yun stated that while "we're not expecting a notable gain in existing-home sales until the second half of this year, the improvement is another sign that the market is stabilizing."
It also seems that even in areas where prices are falling, activity is strong. According to the NAR roughly half of all metropolitan areas in the nation are experiencing median price increases, while in areas that are seeing prices fall, "a rapid price decline has induced buyers to come into the market, and sales are now rising."
While it remains to be seen whether or not this improving trend will continue, one thing we know for certain is that real estate is LOCAL. Consumers need to work with professionals who have a deep understanding of their neighborhood in order to get a true understanding of a home's value and where prices may be headed.
(Property in the photo, 4218 Vicasa Drive in Calabasas, is currently for sale and can be viewed by clicking here!)
1 comment:
maybe that's the light at the end of the tunnel? hopefully this will be the beginning of the turn-around we've all been praying for...
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