There are always those who look at the negative aspects of the real estate situation. But, many experts in the business see cause for elation compared to the horrific years that are past. The busy season in real estate seemed to start early this year, possibly due to the unusually warm weather. The fact that it is tapering off a little should not be cause for alarm. As expert reports show, things look good, especially numbers from the second quarter.
In general, reports on a national level showed optimism in the second quarter. However, some experts have watered-down enthusiasm for the recovery. Of the three composites in the Standard & Poor’s/Case-Shiller home price index all showed improvement. The last time that occurred was in 2010. First, there was a 1.2 percent increase in the national composite in comparison to the second quarter of 2011. Second, there was a 0.1 percent rise in the 10-city composite during that same time period. Third, there was a 0.5 percent increase in the 20-city composite. Housing Prices are on their way up. This report does not take condominium or co-op prices into account.
The numbers Case-Shiller reports for June confirm the fact that the housing market is improving. The snail’s pace it is improving at is somewhat frustrating to the real estate industry. It is possible to experience a decline in the Case-Shiller indices, but, unrelenting home value declines will no longer occur. It is predicted that it is likely to take a few more years to restore normalcy, however.
Housing Prices began to decrease in the Washington area in July. There was a 2.27 percent decline in July as compared to June. Experts reported the median sale price of a home was reduced by 3.74 percent compared to June. That seems to be significantly lower, but can be partially attributed to seasonal factors.
There is reason to be optimistic considering the years we have just experienced in the housing market. True, this is not more good news, but, as the supply of foreclosures glutting the market diminishes, we can expect more increases both in sales activity and in asking prices on individual homes in the Washington area.