Real Estate Market Rebound: Steady Recovery

          The National Association of Home Builders (NAHB) says that new home construction has increased to 586,000 starts since our low-water mark in 2008 of 554,000. Better yet, according to Hart & Cooley’s latest survey, 2012 should see a significant increase of 16.3%, with an even larger increase in 2013 to nearly 1 million starts. While 2005 was the high-water mark of 2 million starts, no one believes that is a realistic expectation for the future, and was itself an unsustainable level.

          There is further good news for anyone looking to sell their home. From 2009, homes sat on the market for over a full year. As of September 2011, the average time has dropped to 7 months, a more manageable level. What’s more, the Case Shiller Home Price Index for our 20-Metro Composite - which includes Atlanta and Charlotte - shows an upward trend in average selling price. Also, traditionally housing sales slow towards year-end, but this September saw a pleasant spike in peoples’ plans to buy new homes.

          Hopefully, these encouraging improvements will continue as our country works to strengthen its economy, and we realize a steady recovery for all. In Acadia, our community in Greenville, South Carolina, we are seeing some of this improvement too. Our luxury townhomes are selling well, and our Cottages have attracted lots of attention by the empty nesters and young families looking for Acadia’s active outdoor lifestyle.

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