Most real estate professionals believe a sustained recovery has taken hold in just about every market in the USA. And leading indicators confirm this. The first leading indicator to look at is housing starts which is now at 900,000 a month - up 28% year on year.(See video)
Nationwide, the average sales price of a foreclosure was nearly 27 percent below the average sales price of a non-distressed property in the first quarter of 2011. And in several states, discounts on foreclosures rose even higher.
Recent news stories have pointed out that increases in the value of commodities such as oil and food may lead to alarming levels of price inflation. At the same time, the cost of renting has gone up, and is expected to surge even more this year.
According to the NAHB/First American Leading Markets Index, markets in 146 of the approximately 340 metro U.S. areas nationwide returned to or exceeded their last normal levels of economic and housing activity in the second quarter of 2016. This represents a year-over-year net gain of 66 markets.
Miami's trendy Wynwood neighborhood, which experienced a huge boom in property values over recent years, now faces a tremendous amount of fear and uncertainty as a result of the arrival of the mosquito-borne Zika virus says Barry Sharpe, who heads Miami-based Property Tax Appeal Group.
According to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes in the U.S. rose 3.5 percent in June 2016 from an upwardly revised May 2016 reading to a seasonally adjusted annual rate of 592,000 units. New home sales are up 9.3 percent in the second quarter of 2016 from the first quarter.