Real Estate Rebound

1. “The glut of condos that hit downtown Seattle right during the real-estate downturn is disappearing as buyers move back into the market. As unsold inventory disappears, prices are turning up, and are still selling for 99% of list price.”

2. “Some Louisville-area real estate agents are noticing something that hasn’t happened in a long time: getting multiple offers on the same property. Since the housing market crashed four years ago, all the leverage has been with buyers as sales tanked and prices declined in Louisville and throughout the country.

But now sales and prices are on the rebound in Louisville — at least, compared to a year ago — and some agents say sellers are getting more than one offer on houses and condos that are in “move-in” condition and are listed for a fair price.”

3. “Record-low interest rates are pushing residential sales volume closer to pre-recession levels in the Rapid City SD area, and average sale prices are higher than they’ve been in five years.”

4. Chattanooga Home Sales are up 11.6% in April over last year.

5. Memphis-area home sales for April rose 15.3 percent from the same month a year ago.

6. Austin home sales up 16% in April.

MP: The National Association of Realtors reports today on existing-home sales for April, with a consensus expectation of 4.65 million homes sold, which would be about an 11% increase from last year and the highest monthly sales since May 2010. Some analysts are predicting 4.8 million homes in April, which would be a 14.3% gain from last year.

About Mark J. Perry 262 Articles

Affiliation: University of Michigan

Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan.

He holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University in Washington, D.C. and an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota.

Since 1997, Professor Perry has been a member of the Board of Scholars for the Mackinac Center for Public Policy, a nonpartisan research and public policy institute in Michigan.

Visit: Carpe Diem

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