It has been reported a lot recently, including by this Encinitas real estate agent, that the housing market has passed a milestone. As an Encinitas real estate agent I stay up to date on all of the latest market news and trends so that I can better inform my clients and help them with their homes for sale in Encinitas.
The latest data, as compiled by the Wall Street Journal, concludes that the housing market is indeed on the upswing. Here is what they have found:
- Housing price indexes are up (meaning that house prices are up)
- Nearly 10% more existing homes were sold in May than in the same month the previous year
- Many purchased homes were bought by investors with the intention of renting them now and selling them later (an important sign of an inflection point)
- The fraction of homes that are vacant is at its lowest since 2006
- Inventory on existing homes for sale has fallen to the normal levels of about six months
This is not to suggest that the housing market is now fully recovered and everything is sunshine and puppy-dogs; there is still a good deal of work to be done to fix the market, but it seems as though, based on the data, that the housing bust is officially over.