More Signs of a Real Estate Recovery
1. Utah: May sales up 11.8% from May 2011; 12th month in a row that home sales have grown year-over-year. Realtors also say this is the strongest January-to-May sales period since 2007.
3. Connecticut: May sales up 12.3% from May 2011; median sales price up 2.4%.
4. New Hampshire: May sales up 27.7% from May 2011; median sales price down by 2.4%.
5. Rhode Island: May sales up by 15% from May 2011; median sales price down 7%.
6. Wisconsin: May sales up by 18.9% from May 2011, the 11th consecutive month of a double-digit increase from the same month a year earlier; median sales price up by 1.5%. Through May, sales for 2012 are up 20.2% from the same period last year.
In another positive indicator for the real estate industry, the chart below shows the "S&P Homebuilders SPDR" (XHB), an ETF that replicates the homebuilding portion of the S&P Total Markets Index (blue line), compared to the S&P500 Index (red line) over the last six months. While the overall stock market (S&P 500) has increased by about 5% since January, the ETF of homebuilders' stocks has increased by 20%.