According to the National Association of Realtors Chief Economist Lawrence Yun, the US Housing Market will get a shot in the arm in 2012 with home sales expected to rise 7-12% from 2011.
Lawrence Yun, NAR chief economist, said we’re seeing the continuation of an uneven but higher sales pattern. “The spring home buying season looks bright because of an elevated level of contract offers so far this year,” he said. “If activity is sustained near present levels, existing-home sales will see their best performance in five years. Based on all of the factors in the current market, that’s what we’re expecting with sales rising 7 to 10 percent in 2012.”
Locally, our housing market has seen inventories cut in half and an increase in home sales of 20% for the entire RANWW MLS as of April 17th, 2012. We are seeing the market of 2007 again and it is long overdue!