Declining Home Inventory Means Rising Home Sales Prices Nationally
Homeowners take advantage of less competition and trending higher prices to upgrade to luxury homes; real estate investors jump in to capitalize on an improving market.
Austin, Texas (PRWEB) June 05, 2012
Regent Property Group has reported there are fewer homes for sale across the U.S., and that’s helping turn the real estate tide towards a sellers’ market, as cities such as Austin, Texas, where low supplies are meeting strong demand, drive up home prices. An aggregate data report by the National Association of Realtors (NAR) found that the U.S. had 2.37 million homes for sale in March, which was down 22% from a year ago and down 41% from mid-2007, when there were nearly 3.5 million homes on the market. Further, first-quarter home sales were up 5.3% from a year ago.
Increasing sales, in part attributable to areas with improving job rates, increased consumer confidence, and declining inventories, are pushing prices. Median existing single-family home prices, like those in the Austin neighborhoods of Great Hills and Ranch at Brush Creek, rose in 74 of 146 U.S. markets in the first quarter, according to NAR. “Since the aftereffects of the financial and mortgage problems of 2007 are dying down, there are more people able to keep their homes, and more responsible lending, leading to longer-term commitments to homes. This decreases the number of homes on the market, but increases the home value and price points for homeowners who are selling, which is excellent news both for the individual homeowner and the overall economy,” Regent Property Group founder Brian Talley said.
Some major markets, like Phoenix, Arizona, are already seeing tighter supplies, leading to higher price gains. Phoenix saw the supply of homes for sale in March down 64% from a year ago. Other national markets with smaller inventories include Orange County, California; Naples, Florida; Seattle, Washington; Washington, DC; and North Dakota.
“Home investors are coming back out of the woodwork in force,” Talley continued, “and that´s another sign of a recovering market. Over 22% of first quarter buyers and those starting an Austin home search this year have been investors.” Investors may purchase multiple houses, but purchase of a single home to occupy also is shaping up to be a wise investment as home prices rise. An Austin Realtor can help determine the best home to invest in in the Austin market.
About Regent Property Group
Brian Talley is the founder and owner of Regent Property Group. He is a 5th generation Texan who has been active in Austin real estate since 1998. During 2011, Brian was the #11 top selling agent for total dollar volume sold out of over 5,000 REALTORS® in the greater Austin area. During 2008, 2009, 2010, and 2011 Brian was a top producer, closing multi-million dollars’ worth of residential Austin real estate purchase and sales transactions for homes located all over the greater Austin area, such as Lake Austin, Eanes ISD, Westlake, downtown, and more. He formed Regent Property Group to serve the needs of Austin´s residential real estate clients, helping people buy and sell luxury homes in the greater Austin area. Contact Regent Property Group today at 512-554-9714.
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