New home sales in May were the strongest in two years. This could suggest a modest housing recovery for the battered real estate market. In late June, the Commerce Department said thatsales of new homes increased by 7.6% in May from Aprilto a seasonally adjusted annual rate of $369,000, which is the best pace since April 2010.
This is significant because that was the deadline for consumers to take advantage of the $8,000 housing tax credit. Sales aren’t the only signs that things are getting better in the housing market – builders across the country are building more homes. Inventories of new homes are near all-time lows. But it’s not just new homes that are doing well. In Miami, a mini-condo boom is taking place as investors from overseas are looking to put their money into good real estate investments.
At NAR Midyear in Washington, D.C. in May, NAR Chief Economist Lawrence Yun personally told me that the first quarter of 2012 was the best quarter we have seen for transactions in five years. In April, prices rose in most of the country. The Case-Schiller Index reported that U.S. home prices rose by 1.3% for the month. Record low interest rates and fewer bank-owned properties being sold helped with sales volume and appreciation. So does this mean that it’s time to prepare for another housing boom? Many experts say not to get excited yet.
Most experts agree that things are indeed getting better for housing. This is great news for homeowners and real estate professionals. These same experts also warn not to get too excited yet, as the recovery process will be long and slow. There are many other factors that will come into play in the coming months: the Presidential elections, interest rates, the European Crisis, and China’s reported slowdown are just a few factors that could cause a setback.
Additionally, this year has been the strongest year for real estate sales since 2007, which is significant for homeowners, buyers and real estate professionals, because this stability and confidence can drive a real estate market up. With the controls that have been put in place to prevent future housing crashes, things are looking very bright for the housing market.
What do you think? Send us your two cents below in our comments.
Some depressed real estate markets showed a significant increase in search activity
NORFOLK, Va., Feb. 11, 2009 – Homes.com (www.homes.com), a division of Dominion Enterprises, is celebrating its 10th anniversary with record Web site traffic for January 2009. Compared to one year ago, unique visitors to the site this January increased 33.4 percent to more than 3.1 million.
“Over the last 10 years, Homes.com has grown through all types of economic environments by remaining focused on delivering high quality traffic and serious buyers to our advertisers,” said Jason Doyle, Homes.com vice president and general manager. “Seeing search activity increase by nearly one-third over last January is a very positive start for 2009.”
Homes.com trend reports also showed a marked increase in search traffic in some of the toughest real estate markets. Cities such as Detroit and Naples, Florida, which have experienced falling prices, enjoyed a significant increase in property searches compared to January 2008. Continue reading →
The Homes.com Listing Advantage Network Provides Brokers unprecedented exposure
NORFOLK, Va., October 30, 2008 – Homes.com (www.homes.com), a division of Dominion Enterprises, is now providing free listing exposure to real estate brokers through its Broker Listing Advantage (BLA) product. Four million consumers visit Homes.com each month.
“There is a general consensus that the glut of listing inventory is a major source of fuel for the current economic storm we are in,” say Jason Doyle, vice president of Homes.com. “By opening up our site to allow brokers free listing exposure, we believe we can better facilitate a connection between the millions of consumers coming to Homes.com and the brokers that are trying to get their listings sold.” Continue reading →
NORFOLK, Va., August 14, 2007 – Homes.com (www.homes.com), a division of Dominion Enterprises, announced today its highest website traffic results in the company’s history. Based on comScore Media Metrix’s monthly analysis, Homes.com experienced significant growth in both website visits and unique visitors, showing an increase of 10% in unique visitors between June 2007 and July 2007.
According to internal tracking numbers, Homes.com’s total number of visits broke the 3 million mark for the first time in the company’s 11-year history. Another exciting milestone for the company’s long-term growth was a 40% increase in year-over-year unique visitors. Continue reading →
Improved Services and a Fresh New Look For Agents and Homebuyers
NORFOLK, Va., April 16, 2007 - Homes.com has launched a reengineered real estate portal to make searching online for a home more enjoyable and productive. The new Homes.com site has been redesigned to make searching through home listings even easier. The site also has added enhanced tools for real estate agents to connect with active homebuyers.
In redesigning the site, Homes.com took a hard look at what services really help homebuyers find a home and connect with a reputable agent. “This was the first major redesign since 2003, so we took our time to get it right,” said Jamie Clymer, Homes.com vice president and general manager. “Our major focus was on the homebuyers’ experience. What we’ve created is a superior online home-searching environment. Our agent customers will gain from our increased site traffic and the quality of homebuyer leads.” Continue reading →