According to a new industry report, sales of existing homes in the US, in the month of May, have been higher than previously anticipated. The nationwide phenomenon was confirmed by realtors from most of America’s big property markets leaving the real estate industry musing on better Summer prospects.
And why not? The sale of previously owned houses rose by 1.3 percent in May – marking the very first hike in 2014. On a per-year basis, sales of previously owned properties rose to 4.65 million nationwide. Further, the number of residential properties available for sale reached levels it hadn’t touched for nearly two years now.
The Orlando real estate market is not untouched by nationwide progress
The prospects couldn’t have been better for the Orlando real estate market too. According to some of the top listing agents in Orlando, prices of residential properties in Orlando have slowed down due to increased inventory. More properties were listed in the month of April, affordability improved in the process – allowing more citizens to become homeowners.
Nation-wide, 2.29 million homes were listed in April, depicting a rise of 16.8 percent and the highest levels since August 2012. Availability is typically viewed as a dependable indicator of future sales. Bigger inventory, more listings, and improved availability suggest more sales activity in the coming months, listing agents explain.
2.29 million homes, for example, would take close to six months to sell at the current pace. When the inventory accounts for under five months of sales, the market is considered to be tight.
The spectrum of the real estate market is not all rosy but certainly better
Realtors are banking on sustained gains in employment, to increase consumer confidence and boost housing. According to 75 economists, who were surveyed by market analyst Bloomberg, sales of previously owned homes are expected to maintain a pace of 4.69 million. In March, the median pace was 4.59 – the weakest in two years.
Orlando real estate agents also confirm another national observation made in the report – the strong influence of investors. Investors bought up condominiums in large numbers, fueling the April hike in sales.
And while the housing market still has a long way to go before hitting its stride, things are definitely improving. Compared to the sales closed in 2013, sales in 2014 were down by 7.3 percent. Further, many top Orlando realtors reveal that not many first-time buyers have been a part of the increased sales activities. There’s reason to remain hopeful however as the turnaround, though slow, is happening for sure.
