More data shows that property sales in the US are rising

Further data released this week has shown that property sales within the US are continuing to rise and bounce back from what has been an incredibly tough time economically for the sector over recent years.
 
The figures announced have shown that the sales figures for the month of May are in line with the highest figures from two years ago, while the National Association of Realtors has revealed that there were not only monthly gains in the country but also annual.

In response to the announcement, chief economist for the National Association of Realtors, Lawrence Yun, said: “The housing market is clearly superior this year compared with the past four years. The latest increase in home contract signings marks 13 consecutive months of year-over-year gains. Actual closings for existing home sales have been notably higher since the beginning of the year and we’re on track to see a 9% to 10% improvement in total sales for 2012.”

It is expected that the median price for a home will rise by as much as 3% throughout the rest of 2012, with a further rise of 5.7% expected in 2013. Mr Yun added: “If credit conditions returned to normal and if we had more inventory, especially in the lower price ranges, more people would become successful buyers.”

Mr Yun went on to predict that housing starts could rise by as much as 26% this year, while 2013 could see a rise of 50% as the property market really begins to take a hold and claw back the ground it lost during the recession.