Southwest Florida Title Insurance & Real Estate Blog -

Is the Housing Market Improving for 2013? You Be the Judge

Posted by Jillian Dohack On April 10

How is the housing market in 2013?We are still continuing to see low mortgage rates, increased housing prices and higher levels of consumer confidence, which are all contributing to an increase in home sales as we are moving into the spring home buying season.

According to Freddie Mac and shared in a recent article by Housing Wire, this should be the healthiest spring home buying season as home sales are expected to increase from 8% in 2012 to 10% in 2013. Housing starts are anticipated to increase to 950,000 units for 2013 up from 780,000 last year.

I also read a recent article from Zillow who also appears to support this information. The article covered 30 of the largest Metro areas stating that they all showed a gain in February. These areas all experienced both monthly and annual home value appreciation.  It was also stated that February represented the 16th straight month of home value gains since the market hit the bottom in October 2011.

The Experts Weigh in on the Current Housing Market

Stan Humphries who is the Zillow Chief Economist stated “The housing market recovery has continued to gain momentum over the past several months and looks firmly entrenched as we enter the 2013 spring home shopping season. We expect that rising home values will continue to help cure many of the ills still facing the housing market, including high levels of negative equity. Rising home values will free many more homeowners from negative equity, allowing some of them to list their homes for sale which, in turn, will ease supply constraints. Burgeoning new construction will also help bring more supply into the marketplace. As more supply comes on line, home value appreciation rates will moderate and stabilize, marking the final transition from a recovering market to a healthy and sustainable market.”

Frank Nothaft, Vice President and Chief Economist for Freddie Mac stated, “History shows us not all economic recoveries are created equal and consumer confidence mirrors this fact. With the spring home buying season upon us, the recent highs in the stock market are a welcome signal of better times ahead, But it will be the gradually declining unemployment rate and steadily improving housing market that will deliver broad-based economic benefits for Americans and, in turn, support the overall recovery,”

From what we are hearing it sounds like positive news for all!

Jillian
Florida short sale specialist

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