Housing Demand Will Be Up in 2011

Dec 15, 2010

Demand for Housing Will Increase in 2011

by The KCM Crew on December 13, 2010 · 

The last Pending Home Sales Index from the National Association of Realtors (NAR) showed a substantial 10.4% month-over-month increase. According to NAR the index measures:

housing contract activity. It is based on signed real estate contracts for existing single-family homes, condos and co-ops. A signed contract is not counted as a sale until the transaction closes. Modeling for the PHSI looks at the monthly relationship between existing-home sale contracts and transaction closings over the last four years.

This increase confirms a growing feeling that demand for housing has begun to increase.

Both NAR and Fannie Mae expect an increase in sales over the upcoming five quarters. Here are their projections:

 

Bottom Line

Sales will increase over the next several quarters. The increase will initiate a housing recovery. However, price increases will not take place until current inventory levels diminish. That could take 12-18 months.

If you’re looking to sell your home, call the Rachel Kendall Team!  Let us help you navigate the market and get you the best price for your home!

Be sure to check out our featured listings at www.rachelkendall.com!

Spread the love

Still Have Questions?

We can help! Contact us and we can answer any of your home buying questions about homes for sale and real estate in the Triangle or its many communities.