3 Signs the Housing Market Is on the Rebound

The residential real estate market has been plodding along for most of the year. However, three recent reports show the market may be on the verge of a rebound states Mike Eastwood CEO of West USA Realty of Prescott. 

1. Existing Home Sales (closed sales) are up, marking two consecutive months of growth.

2. Pending Home Sales (contracts signed) are up with each of the four major regions reporting both month-over-month growth and year-over-year gains in contract activity.
Here is the month-over-month growth:

• The Northeast rose 0.7%
• The Midwest increased by 0.6%
• The South increased by 1.4%
• The West grew 3.1%

3. Buyer Traffic (the number of people shopping for a home) is up compared to the same time last year, and for the first time in 13 months.

• The Northeast is up 5.9%
• The Midwest increased by 1.3%
• The South is up 2.7%
• The West grew 2.2%

In their most recent report, ShowingTime Chief Analytics Officer, Daniil Cherkasskiy explained:

“The trend we saw in year-over-year buyer traffic in previous months continued across the United States. For all four regions there were more showings per listing this year compared to last year, making it the most competitive August in the last five years.”

Lawrence Yun, Chief Economist with the National Association of Realtors, believes the uptick in activity will continue into the future:

“It is very encouraging that buyers are responding to exceptionally low interest rates…With interest rates expected to remain low, home sales are forecasted to rise in the coming months and into 2020.”

Bottom Line

If you are thinking about selling your house or purchasing one, we have clients looking to purchase who are ready, willing, and able to buy. For more information about the Prescott Arizona markets contact  Mike Eastwood CEO of West USA Realty of Prescott and Mike will introduce you top one of his professional real estate agents.Contact us at 928-777-8331 or visit us at www.westusaofprescott.com