Categorized | Residential

US Housing Market Sees Increased Sales and Lower Supply

Please Share!

The United States housing market is finally starting to balance itself out, thanks largely due in part to increasing sales and declining inventory. As inventory declines, the market continues to balance itself, particularly with respect to pricing.

 

The majority of the surveyed cities continue to see price declines from one year earlier, though that will likely soon change. Lower priced houses continue to sell, whereas the upper-end luxury homes throughout much of the country are seeing sluggish sales at best. As such, prices remain down despite the boost in sales performance.

 

As supply and demand continues to grow balanced, there is no doubt that prices will start to increase on a far grander scale. Decreased inventory will allow for modest price increases, thus boosting the median price of existing single-family homes being sold on the market.

 

Certain parts of the country continue to perform better than others. In particular, the Midwest, ranging from North Dakota to Texas, has seen pricing and inventory numbers improve dramatically due to greater economic growth. The South is not too far behind the Midwest, largely due to the success of cities like Miami, which has had an off-the-chart performance over the last year.

 

As the economy grows stronger, and more jobs are created, it is likely that demand in the housing market will grow, and prices will increase. There is no clear date as to when the housing market will start to see consistent housing prices, though economists believe that it will take place at some point in 2013.

Please Share!

About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

Leave a Reply

Twitter Chat