INFO
THAT HITS US WHERE WE LIVE... Last week gave us more evidence
that this housing recovery, though growing slowly, will in fact endure.
According to a major
online real estate portal, listing inventory rose
3.5% from January to March.
This beat the gains going into the 2012 Spring selling season, although
inventories are
still 15% off last year's levels, with only nine of 146 metros showing
annual increases. Not
surprisingly, the median age of inventory in March dipped to 78 days,
down 12.3% from last year, and median asking prices
were up 0.5% from February, gaining in 29 of the top 30 metro areas.
According to a housing consultancy, land values are up 13% on average over last year, their first annual rise since 2005. The increasing demand from builders for finished lots is driving the gain, as the rate of new home construction is up 27.7% the past year. Higher land values will mean higher prices for new homes, as land cost makes up 21.7% of the final sale price, according to the National Association of Home Builders. Finally, a first quarter survey of lenders reported that 71% are more confident about home prices, believing they're rising at a "sustainable pace."
According to a housing consultancy, land values are up 13% on average over last year, their first annual rise since 2005. The increasing demand from builders for finished lots is driving the gain, as the rate of new home construction is up 27.7% the past year. Higher land values will mean higher prices for new homes, as land cost makes up 21.7% of the final sale price, according to the National Association of Home Builders. Finally, a first quarter survey of lenders reported that 71% are more confident about home prices, believing they're rising at a "sustainable pace."