Real estate analysts say housing market is still strong
7/11/2016 | Real Estate Blog
Real estate investors in Pennsylvania may be interested to learn about some of the latest reports from Ten-X. The online real estate buying and selling platform regularly issues a report called the Residential Real Estate Nowcast. According to the June report, homes sales numbers are continuing their upward trend, but the pace is slowing down.
The company’s chief economist said that the U.S. housing market is still on solid ground despite tough economic factors like a disappointing jobs report in May and slow GDP growth. He said that he is still optimistic about the U.S. housing market, especially with supporting factors like wage growth and low interest rates. Factors that could cause housing sales to slow down are lack of inventory and affordability.
In May, 5.53 million homes were sold across the U.S. The figure represented a 4.5 percent increase from May 2015 and a slight increase from April 2016 when 5.43 million homes were sold. Home prices are also continuing to go up, and a National Association of Realtors report found that there was a 4.7 percent annual increase in the median home price for May. A report issued on June 30 by the S&P Dow Jones Indices Case-Shiller Home Prices Indices showed that some housing markets experienced record-high home prices in April.
A real estate investor may watch the markets closely in order to determine when it is the best time to sell. Speaking with a real estate lawyer about a specific housing market may also provide valuable insight about price trends.