Thursday, April 09, 2015

Lawler: Good Start to Spring home-selling Season

by Calculated Risk on 4/09/2015 12:10:00 PM

From the WSJ: Housing Market Sees Hopeful Signs of Spring

The downturn was brutal for Jacksonville; home sales sank and foreclosures were running at high levels during the crisis. But in recent months, home sales have shot up, the percentage of distressed homes on the market has declined and traffic at model homes in new subdivisions has been brisk.

Local home builders and real-estate agents report the most vibrant period of home sales since 2006. Finalized sales of existing homes in the Jacksonville area were up 18% in March from a year earlier, and pending sales were up 30% in that span, according to the Northeast Florida Association of Realtors.
“The spring home-selling season is off to a very good start,” said Thomas Lawler, a housing economist in Leesburg, Va. “I think the rest of the season is going to be materially better than a year ago.”
Other cities with solid year-over-year performance are Phoenix and Las Vegas.