'Long, cold winter' ahead for nation's housing sector
August 23rd, 2011 6:37am
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According to a recent report from Altos Research, the nation's housing sector did not perform well during the summer, which may be a signal for an underwhelming winter season.The report explains that, despite record-low interest rates for home loans and an increased inventory nationwide, property sales did not show major improvements. Now, based upon these summer statistics, as well as the current state of the economy, the country may be in for a "long, cold winter" in terms of home sales.
Altos' Mid-Cities Report showed home prices during July rose in 14 of the 20 metro areas it analyzed, while inventory increased in 12 markets.
"This is the first time we have experienced the current combination of low interest rates, high unemployment, and a glut of inventory hiding in the shadow," Altos stated. "The housing market in the United States is in a constant state of flux. Volatility is the norm and the rules of yesterday's market no longer apply."
The median price for these cities during July was $256,120, which was slightly up from June. By comparison, the median price for Houston properties during July was $224,110, which was an all-time high for the month, the Houston Association of Realtors reports.
Courtesy of 2M Realty News
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