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New single-family home sales rose in 2012 by 20 percent, indicating the US housing industry turned a corner. The Commerce Department stated home sales hit a three-year record high in November, 2012 while slowing somewhat in December. The National Association of REALTORS® recently reported total homes sales were well above those in 2011.
Sandra Troccoli, Director of Information Technology & Website Services, for Prudential Homesale Services Group commented, "Prudential Homesale Services Group has seen a definite upward trend in listings and home sales in Lancaster, PA as well as homes for sale in York, PA. The Harbor East area of Baltimore, MD has also experienced an increase in both buyer and seller housing activity."
With new and existing home sales up and home builder confidence on the rise, statistics suggest the real estate revival will continue in 2013.
Experts predict home sales will continue to be on the rise. In a recent Wall Street Journal article, Brian Bethune, president Alpha Macroeconomic Foresights in Wenham, MA, estimates 2013 home sales to increase 10 percent to 15 percent to around the 400,000 level as potential real estate buyers become more encouraged about the economy.
Lawrence Yun, chief economist for NAR, stated the current real estate market is being sustained by pent-up demand. "Record low mortgage interest rates clearly are helping many home buyers, but tight inventory and restrictive mortgage underwriting standards are limiting sales. The number of potential buyers who stayed on the sidelines accumulated during the recession, but they started entering the market early last year as their financial ability and confidence steadily grew, along with home prices. Likely job creation and household formation will continue to fuel that growth. Both sales and prices will again be higher in 2013."
A survey by RealtyTrac asked more than 100 real estate investors about their outlook for real estate investing in 2013 as well as their primary investing strategies in 2012. RealtyTrac reported investors were very optimistic about their local real estate market in 2013 with 87 percent having a mostly positive or extremely positive outlook.
Contact a Prudential Homesale real estate professional for information regarding current real estate trends in the Baltimore, Maryland metropolitan area and South Central and Southeastern PA. Prudential Homesale Services Group features homes for sale in Lancaster County, Montgomery County, and Schuylkill County, PA as well as homes for sale in Baltimore City, MD and Baltimore County, MD.
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