Here's some more positive news coming out today about the recovering U.S. real estate market, which might have reached a major turning point in the month of April.
"A brighter economic picture, coupled with record-high housing
affordability, pushed the spring home buying season off to a strong
start," said California Association of Realtor President LeFrancis Arnold. "With a continuing
improving economy and interest rates declining to new record lows in
recent weeks, we should see a steady improvement in the housing market
throughout the end of the year."
Sales in April
were 10% higher than March's pace and 11% higher than in
April 2011. The statewide median price of an existing, single-family detached home
climbed 5.7% in April to $308,050, up from March's revised
$291,330 median price and 4.7% from a revised $294,140 recorded
in April 2011. The median price rose above the $300,000 mark for the
first time since December 2010."
This marks the 26th metro or state market that is reporting double-digit gains in April for either home sales or median prices, or both, see full list here
-- "Confidence among U.S. homebuilders
jumped more than forecast in May, reaching a five-year high that
signals an improving outlook for construction.
The National Association of Home Builders/Wells Fargo index
of builder confidence
rose to 29, the highest since May 2007, a
report from the Washington-based group showed today. The gauge
exceeded the highest projection in a Bloomberg News survey in
which the median estimate was 26."
3. The SPDR S&P Homebuilders Index
has been trading at close to four-year highs in recent days, and has risen by 30% over the last six
months, compared to a 10% gain over the same period for the S&P 500