Real Estate Outlook: Stalled Markets Becoming Trend
by Carla Hill
Real estate is in a holding pattern. Professionals and sellers, alike, keep looking for signs that the market will beat what ails it. This week, though, saw sales declines, flat commercial vacancy rates, as well as meager new home sales.
There is a bright spot in all of the recent figures. Pending homes sales grew substantially year or year from 2010, up 14.4 percent as a whole. Some regions fared much better, such as the West, which is up 20.6 percent over July 2010. The Midwest also saw double-digit growth and is now 18.8 percent above July 2010.
What is holding back growth in this quarter, however? Pending home sales declined in July by 1.3 percent from the month prior. Some experts blame the stall on the continued mortgage mess. Limited access to credit has buyers sitting on the sidelines. Fewer buyers translates into less demand, which in turn translates into falling prices.
To assist consumers with making as educated decisions as possible, Beverly-Hanks & Associates prepares a Market Report each quarter. The 2nd Quarter Market Report is still available at beverly-hanks.com. To learm more about what is happening to values and the sales pace in your neighborhood, contact our Customer Service Department.
