Realtors Indicate Things are Looking Up for Housing Market
A recent survey of real estate agents across the country found a generally positive viewpoint of current housing conditions. Based on first quarter 2007 observations, surveyed Realtors® reported many encouraging factors that are a good sign for the residential real estate market.
For one, the excess of unsold homes nationwide is finally diminishing. According to the National Association of Realtors® the inventory has dropped from a 7.4 month supply in October to a 6.7 month supply in the most current estimate.
The average time a home is listed on the market has also gone down, the survey showed. While it is still common for properties to remain on the market for more than two months, there was a 6% decrease in 60-day or more listings from the fourth quarter of 2006 to now.
Price appreciation is improving with over 60% of the agents reporting home-value appreciation in fourth quarter 2007 in comparison to only 53% for the same period a year prior. And, Chicago is experiencing an even better-than-average price appreciation with an 88% increase.