The National Association of Home Builders released an article detailing the continuous rebound of the housing industry:
Builder confidence in the 55+ housing market showed continued improvement in the third quarter of 2013 compared to the same period a year ago, according to the National Association of Home Builders’ (NAHB) latest 55+ Housing Market Index (HMI) released today. All segments of the market—single-family homes, condominiums and multifamily rental—registered strong increases.
All of the components of the 55+ single-family HMI showed considerable growth from a year ago: present sales climbed 16 points to 52, expected sales for the next six months rose 11 points to 53 and traffic of prospective buyers increased 10 points to 43.
The 55+ multifamily condo HMI posted a gain of 14 points to 37, which is the highest third-quarter reading since the inception of the index.
The numbers released by the NAHB presents an encouraging picture for the continuous recovery of the housing industry nationwide, which includes the lucrative Philadelphia real estate market.
The numbers being provided by the NHAB shows that 2013 is a much better year than the past three to five years, as the quarterly statistics for multifamily condos, for example, are gaining a +14 yearly change.
The encouraging numbers are also supported by the local trends in Philadelphia: houses that are priced correctly are selling like pancakes off the market, and articles that advertise houses, like the rare piece of real estate owned by baseball player Chase Utley of the local Phillies, show signs that the local housing market of Philadelphia is following the steady recovery of the entire housing industry.
It is noteworthy to mention, however, that despite this good outlook by the housing industry, the entire US economy is still not back to its fighting form. Several boroughs in the country are still struggling with rent, and the housing industry can only do so much in dragging the entire economy back into shape. The excitement over the recovery of the market may also drive several others to over-commit and make mistakes in the process.
It is thus important to find reliable professionals who know the ins and outs of real estate in Center City, Philadelphia. Professionals like Joanne Davidow can give sellers and buyers a better outlook on the current temperament of the local real estate, and guide them into making the perfect deal.
(Article Excerpt and Image from Builder Confidence in 55+ Housing Market Continues to Improve in Third Quarter, National Association of Home Builders, November 7, 2013)
