Escrow Trust Advisors | Expectations Rising for Spring Housing Market
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Expectations Rising for Spring Housing Market

Expectations Rising for Spring Housing Market

Spring is the annual occurrence of new beginnings, and if there is one place where people are hoping for a rebirth, it is in the housing market. As we gradually turn the corner towards an economic recovery, this spring could be the strongest in years for the real estate industry. Many economists say that the demand for housing this spring will be a litmus test for the economy as a whole.

Existing home sales in February were up 9% over last year, and while the spring season generally runs from March until June, some say it may have gotten a head start this year thanks to warmer winter weather. A late February NAR survey of over 4,000 agents pointed to Realtors’ confidence in the single-family home market. The survey gave this segment the highest marks in four years.

Spring sales will help give visibility to the housing market recovery, but economists caution that not all markets will move in sync with one another. Whereas Phoenix, Denver and Detroit are expected to do quite well, spring sales may be slow in other areas where buyers took advantage of the mild winter and did their purchasing earlier in the year. Eric Fox, a Veros Real Estate Solutions economist, believes that 40% of 321 metropolitan areas will see prices rise, a large uptick that many hope will reinvigorate consumers’ confidence in the economy as a whole.