Although sales in some regions throughout June were down due to a shrinking inventory of available properties on the market, in general the demand for housing across the country has increased and is being described as strong as the American property market continues its recovery.
Figures released by the National Association of Realtors showed that pending house sales fell during May and June by 1.4%; however, sales still rose during that period by 9.5% when compared to the figures for the same period in 2011.
Speaking about the situation, chief economist for the National Association of Realtors, Lawrence Yun, said: “Any bank-owned properties that have been held back in markets with inventory shortages should be released expeditiously to help meet market demand.”
In addition to property demand being shown to have increased, property prices are also on the rise in most areas as the market posted its fifth straight monthly rise, exceeding the expectations of economists and pointing towards a stronger property recovery than had first been expected.
A rise of 2.1% was shown to have taken place during the second quarter of 2012 when compared to the figures for the first three months of the year. When compared to the figures taken for the same period in 2011, the research released by Zillow showed a growth of 0.2%.
As demand increases and construction struggles to catch up, it is likely in the interim that prices will continue to rise.
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