MissionIR's  Instablog

MissionIR
Send Message
We know our reputation is based on the integrity of our clients and go to great lengths to ensure the companies represented adhere to sound business practices. It is our unwavering commitment to connect the investment community with companies that have great potential and a strong dedication to... More
My company:
MissionIR
My blog:
MissionIR Blog
  • Strong Demand For Homes Takes Real Estate Industry By Surprise 0 comments
    Mar 21, 2013 2:09 PM

    Eager new home buyers, as well as those in real estate, are discovering that there are not enough houses for sale to meet rising demand.

    "In my 27 years I've never seen inventories this low," said Kurt K. Colgan, a broker with Lyon Real Estate in the Sacramento metropolitan area, where the share of homes on the market has plummeted by one of the largest amounts in the nation. "I've also never seen a market turn so quickly," he added.

    The strong turnaround in housing has caught most by surprise. Although the long-awaited improvement is certainly a positive, the unusually low level of homes for sale is creating widespread problems for buyers and sellers alike, leading to bidding wars and bubble-like price jumps in places that not long ago were suffering from major declines. In the Sacramento area, where the housing bust took an especially heavy toll, the median sales price has surged 15 percent over the last year.

    Nationwide, sales prices rose 7.3 percent over the course of 2012, according to the Standard & Poor's Case-Shiller index, ranging from a slight decline in New York to a surge of 23 percent in Phoenix. The raw number of homes for sale is at its lowest level since 1999, according to the National Association of Realtors.

    Sign up for "The Mission Report" at www.MissionIR.com

Back To MissionIR's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.