You may have noticed more “for sale” signs around your neighborhood of late and that is a sign of change – of home buyer optimism from the latest Fannie Mae report. The housing market is showing definite signs of improvement which is good news, regardless of whether you are a buyer or seller.
The Fannie Mae Economic & Strategic Research Group reports a “modest growth” trend through the rest of 2012. Despite an uncertain job market and lowered consumer spending in the first quarter, the group is still forecasting a 2% increase in the gross domestic product growth projection, which is excellent for real estate and for you, if you are interested in buying or selling a home!
Fannie Mae’s Chief Economist Doug Duncan reported that, “Despite signs of deteriorating momentum for economic activity, housing continues to be a bright spot as news from the housing market has been relatively upbeat, presenting a rare upside boost to the economy.” The report went on to state that home sales have increased 9% in the last year and that single family homes are selling for 20% more than they did in 2011.
Combining those statistics with the National Housing Survey released last month, which showed greater confidence in homeowners about the real estate market, means that a turn-around is in progress. In fact, those polled showed a 6 percentage point increase in their desire to buy, an all-time high as compared to normal poll statistics gathered over the last two years. These trends of increased home buyer optimism is evident here in San Diego, as well.
Visit Fannie Mae online to access the survey results and see other recent reports on the housing market. Or call me to learn more about how I can help you with your individual home needs.