At the start of this year’s spring selling season, home builders and real estate professionals alike expressed optimism about the growing number of prospective buyers showing up at open houses and inquiring about current house listings. It now appears that interest has translated into sales in many markets.
Mark Prather, whose real estate agency, ERA Buy America Real Estate Services is on the border of Los Angeles and Orange counties in California, states, “We had a terrific March, better April, and May is going to be the best closing month since 2006.”
Other success stories are being reported across the nation, as business is being driven by pent-up demand. Many people had put off buying a home since prior to the recession, and prices are lower after plummeting during the housing crisis. In addition, rising rents are making buying more attractive, and mortgage rates are at record lows. The National Association of Realtors states that more than 1.3 million previously occupied homes were sold from January through April—a 7 percent increase from more than 1.2 million a year ago.
Source: “Housing Market is Perking Up,”Buffalo News/Associated Press (06/11/12)