In a slew of recent articles, CNNMoney has confirmed what the Luxury Living Fort Lauderdale group at Coldwell Banker Residential Real Estate has been reporting for months; the nation’s housing market has turned the corner.
In a recent survey of 14 economists about home prices, nine believe home prices are higher or will go higher later this year. In contrast, three months ago half the economists surveyed believed a turnaround in prices would take place in 2013 or later.
According to CNNMoney, the economists are encouraged by a variety of readings, including three months in a row of increases in the S&P/Case-Shiller home price index*, an increase in sales of existing homes and new home construction and a large raise in the price of new home sales.
*The S&P/Case-Shiller national home price index, which includes more than 80% of the United States housing market, jumped 6.9% in the three months ending June 30, as compared to the first three months of 2012.
Another positive sign for the housing market recovery is the Federal Reserve’s purchase of $40 billion in mortgages a month, which is expected to keep mortgage rates near record lows.
Pinpointing when the housing market turned the corner is not only important to homeowners and homebuilders, but to the nation. An improved housing market could help keep the economy moving towards a full recovery.
