Almost seven years since the housing bubble burst, most indexes of housing prices are arcing upward. Nearly 10 percent more homes were sold in May than in the same month in 2011. The number of foreclosed homes has fallen and vacant homes are at their lowest level since 2006.
This reduced inventory of unsold homes is the key. For the past couple of years, house prices have risen in the spring and then slumped; the declining supply of houses for sale is reason to believe that won't happen again this year.
Also, builders are working on 26 percent more single family homes then this time last year. The stock of unsold newly built homes is back to 2005 levels. Housing construction is a sure sign of economic growth.
Though we are still a long way from a full recovery, housing should no longer be a factor in dragging the U.S. economy down.
We should be assured that the American dream of owning a home is attainable by any one of us. To that point, with mortgage rates still hovering around all-time low's, there is not a better time to become a homeowner!
Visit www.2findyourhome.com today to begin your search and contact a local Realtor®. An agent's expertise is sure to make the process a whole lot easier.
As always, thank you for making 2FindYourHome, in print and online, the trusted real estate source of Western New York.