Housing Demand Again On The Rise?

In the world of New-Home sales, the future is beginning to brighten up. Surpassing expectations, the government reported that sales of new homes increased by nearly 7 percent in September. But you’re thinking, what should I expect if I’m looking to sell my current home? Recent reports show that sales of existing homes rose 10 percent, leading experts to believe the housing demand is again on the rise after it bottomed out in late summer.

While this is good news, new-home sales are still 21.5 percent below where they were last year. The first-time homebuyer tax credit is much to blame for this difference. Prices are rising slowly, but rising nonetheless. Barclays Capital economist, Nicholas Tenev says that it looks like new home sales have finally stabilized, expecting a “gradual recovery over the coming months.”

What does this mean for Orlando and surrounding market? According to the Orlando Regional Realtor Association, the average home sold for 95 percent of its listing price, which is a 1 percent variance from last years median price. The number of homes under contract in Orlando is nearly equal to the number under contract at this time last year. The sales of condos, however, increased almost 16 percent from last year.

Much seems to remain the same, but the experts say a turn around is definitely on its way.