The first quarter has come to an end and the real estate market is showing noticeable patterns of recovery. If you happen to sift through news headlines on your smartphone, or have NPR as your morning companion on the way to work, you’ll likely see and hear something like this: “Pending Home Sales Near 2-Year Highs,” or “Number of Homes Subjected to Foreclosure-Related Filings Fall Nationwide,” and, of course, one of the splashiest headlines of all “Banks Make $25 Billion Settlement.” This, of course, is referring to the renowned settlement with the major 5 banks to assist victims of the ‘robo-signing’ debacle.
Gray clouds above the residential market seem to have parted, letting steady, bright light through. This metaphor applies on more local levels, as well. Our markets in the northeast completed a strong first quarter, with unit sales rising in nearly all locations, as well as an increase in average sales prices in some areas.
The charts below give an in-depth look at real estate indices in the northeast. Tweet us -@williamraveis – and let us know if you’re seeing these patterns in your local market!
Want an even closer look at how your local market fared in the first quarter? Check out our local housing data.
Do you think this will be a strong year for the real estate market in your area?