In case you missed it yesterday, the National Assocation of Realtors (NAR) released positive real estate market statistics that is widely credited with the rally on Wall Street that pushed the Dow to close over 9,000.
The NAR stated that "Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June". Taking this as an indication that the housing market has started to recover, the financial markets reacted accordingly.
Yes - that's exactly what has happened in our business. Sales are up over last year, more buyers are seriously "in" the market ... not just looking. We're noticing that in some price ranges in some areas, prices actually seem to be holding steady ... or even inching up a bit. This has generally been fueled by multiple offers, thereby pushing prices upward.
Further, the NAR states that "A June survey of NAR members shows 37 percent experienced at least one lost sale as a result of the new Home Valuation Code of Conduct, with seven out of 10 reporting an increased use of out-of-area appraisers. Seventy percent of NAR appraiser members said consumers were paying higher fees, while 85 percent report a perceived reduction in appraisal quality."
Yes - that's exactly what we wrote about in our blog post here: Whose Real Estate Market is it Anyway
To read more: National Association of Realtors July 23 press release.