The time just might be drawing near for owners of Virginia Beach VA real estate to stop holding their breaths and waiting for the other shoe to drop. Pending home sales are on an upward trend, which has been uneven but meaningful since reaching a cyclical low last April, and are well above a year ago, according to the National Association of REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.0 percent to 97.0 in January from a downwardly revised 95.1 in December and is 8.0 percent higher than January 2011 when it was 89.8. (The data reflects contracts but not closings.).
Lawrence Yun, NAR chief economist, says this is a hopeful indicator going into the spring home-buying season. “Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year. With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations.”
The National Association of Homebuilders (NAHB) has also contributed a ray of sunshine for the Virginia Beach VA real estate market. Its list of housing markets showing measurable improvement expanded by 29 metros in February to include a total of 98 entries on their First American Improving Markets Index (IMI), released recently. Thirty-six states are now represented by at least one market on the list. Click here for specific locations.
“The number of improving housing markets has risen for six consecutive months, and 36 states now have at least one metropolitan area on the list,” noted NAHB Chairman Bob Nielsen. “This indicates that despite the many challenges that continue to drag on a housing recovery – including the tight lending environment for builders and buyers – improving conditions are slowly but surely spreading from one housing market to the next.”
Even Warren Buffet is expressing positive thoughts about Virginia Beach VA real estate. Admitting that he “got it wrong” last year, the savvy and well-respected investor is once again betting that the housing market will rebound, primarily because more young people will be setting up their own households and that many of them will opt for the resale market.
Given the good news in the states of Florida, Texas, and Ohio and in cities such as Salt Lake City, Boston, and Indianapolis, perhaps the crossed fingers of Virginia Beach VA real estate owners are doing the trick!
April Partida is a Professional, Experienced and Results Oriented, Top Virginia Beach VA Realtor committed to meeting your needs.
April has distinguished herself as a leader in the Virginia Beach Virginia real estate market. April assists buyers looking for Virginia Beach VA real estate for sale and aggressively markets Virginia Beach homes for sale. April is also a Short Sales and Foreclosures Resource Specialist (SFR). Avoid foreclosure and short sale expert, committed to helping families in financial hardship find options to foreclosure.
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