Scarsdale NY Homes for Sale: NAR Spreads Housing Stats on Table
Second home sales are on the rise – particularly investment homes – according to the 2012 National Association of Realtors Housing and Economic Outlook released May 17 by NAR Chief Economist Lawrence Yun.
If you own one of the many Scarsdale NY homes for sale, or if you are looking for a home to buy, remember: Timing is everything. The licensed real estate professionals at Prudential Centennial Realty are proud to offer relevant, updated market information to help you make informed real estate decisions.
Existing Home Sales Remained Flat through 2011, 2012 Shows Promise
For the past four years (2008 through 2011) annual existing home sales remained painfully flat:
- 2008: 4.12 million existing homes sold
- 2009: 4.34 million existing homes sold
- 2010: 4.18 million existing homes sold
- 2011: 4.26 million existing homes sold
The first quarter of 2012 home sales statistics offered hope to those watching the housing market with bated breath. This period showed the strongest numbers in five years thanks to multiple combined factors that have created an optimal environment for home purchasers. Yun said high home affordability and job creation are two factors that weighted heavily in favor of the housing market. The housing affordability index is at about 200 – the highest on record in more than four decades. Yun also credited a solid stock market recovery since a painful fall in 2008 for the encouraging upswing in home sales. Rents are rising and the nation is seeing a larger pool of qualified renters due, in part, to the high number of young adults who are ready to leave their parents’ homes; that fact encourages investors to loosen their purse strings.
Investors capitalizing on low home sales prices and optimum purchasing conditions have helped boost the housing market; and, according to NAR, consumer confidence is steadily increasing.
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Recent housing market history helps us understand the significance of recently increased investment home sales. In 2005 investment purchases were hot! About 33 million such homes sold that year. Then came the crash. By 2010 investor confidence reflected the nation’s widely-publicized economic crisis and sales plummeted to 1.2 million for the year. In 2011 home affordability was historically high and investors stepped up to bank on about 1.7 million investment properties.
The story of vacation home property offers hope, but a far less dramatic rebound as people carefully control spending on life’s little extras. The vacation home sector of the housing market dropped sharply from about 1 million sold in 2005 to about 300,000 sold in 2008. Existing vacation home purchases increased in 2009 to a recorded 400,000 sales; but alas, that’s where the numbers stayed through 2011.
Yun’s report forecasts increased home sales through 2013 as well as increased home prices and a slightly elevated 30-year mortgage rate.
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