US Real Estate Market Update from Keller Williams

Commentary:

The economic recovery continues to slowly but steadily deepen its roots.  Consumer sentiment ticked up in March and it appears businesses are feeling more positive as well. According to a CEO Economic Outlook Survey, America’s top CEOs are expecting an increase in sales, along with increased or stabilized capital spending and employment.

Over the past several months, the hot topic of health care reform took much of Congress’s attention.  Now, with the bill passed into law, the government is turning its attention to other matters to help bolster the economy including the job bill and financial reform.

High unemployment and elevated levels of foreclosures and distressed homeowners continue to be two of the biggest factors in preventing a robust recovery.  The government’s attentive attitude toward these obstacles is seen as a positive sign by industry and economic experts.

Existing Home Sales:

Existing home sales softened in February. According to Lawrence Yun, NAR chief economist, the widespread winter storms during the month may have masked underlying demand as “buyers couldn’t get out to look at homes in some areas and that should negatively impact near-term contract activity.” February sales of 5.02 million remained 7 percent above the 4.69 million-units last year.

Median Home Price:

The median price for an existing home was $165,100 in February, a 1.8 percent drop from February 2009. Distressed homes, which accounted for 35 percent of sales last month, continued to skew prices downward as they typically were discounted in comparison with non-distressed homes. Continue reading “US Real Estate Market Update from Keller Williams”

Top Affordable U.S. Housing Markets

This article in Realty Times by Phoebe Chongchua lists the most affordable and the least affordable housing markets in the U.S.   An interesting statistic from the article is that over 70% of homes in the U.S. are affordable to families earning the national median income of $64,000.

The most affordable community:  Indianapolis.  Followed up by Detroit-Livonia-Dearborn, Mich.; Dayton, Ohio; Youngstown-Warren-Boardman, Ohio-Pa.; and Akron, Ohio.

The least affordable markets:  San Francisco; Honolulu; Santa Ana-Anaheim-Irvine, Calif.; and Los Angeles-Long Beach-Redwood City, Calif. Topping this list, once again in the fourth quarter of 2009, is New York-White Plains-Wayne, N.Y.-N.J.

I have just summarized the highlights.  Go read the whole article.  Some very interesting information.