Confirming the recent suspicions of economists and housing professionals, ZipRealty recently released its first Housing Trends Report, which detailed considerable drops in inventory levels nationwide and continuously rising home prices.
Upon evaluating economic indicators and real estate property records for 24 of the country's largest metropolitan areas, the national real estate brokerage firm announced housing inventory had declined 34 percent as of mid-March.
The report stated that around 35 percent of the houses sold in 2012 were either short sales, foreclosures or REOs. In comparison to the 23 percent of homes in 2013, a decrease of 12 percentage points was recorded in the prevalence of sales associated with distressed properties. According to ZipRealty, median home prices rose by nearly 15 percent - to an average of $242,519 - in early March.
"A springtime bloom for housing has median home sales price rising in nearly every market, and homes are selling closer to their listing price as pent-up housing demand blossoms across the United States," said Lanny Baker, chief executive officer and president of ZipRealty. "In seven major cities ZipRealty analyzed, more than one-quarter of the homes listed for sale are selling in less than seven days, though it looks like the supply of newly listed homes may finally start to keep pace with frenzied buyer activity."
Texas municipalities among those to see drastic changes
Of the 24 metro areas evaluated by the online real estate broker, three were located in Texas, and each saw heightened housing prices due to declining inventories.
Austin, the state's capital city, has reportedly exhibited a 10 percent change in median sale prices year-over-year, and seen its inventory level drop 29 percent. Dallas has sustained a 7 percent increase in prices, while its inventory fell 33 percent. Additionally, Houston's housing prices have risen 6 percent in the last year, as its supply has decreased 31 percent.
Texas Realtors gather to discuss state's real estate future
In hopes of cooperatively finding a viable solution to the statewide housing market's growing constraints, approximately 2,000 Texan real estate professionals gathered on April 9 as part of the 2013 Legislative Hill Visits, according to Texas Realtors.
During the meeting, the representatives supposedly discussed possibilities for securing the safety and soundness of consumer finances by adopting provisions regarding mortgage lending and the property-tax loan industry, as well as the property-appraisal process. In addition, the group conversed about ways to update and upgrade the state's infrastructure systems - which may quickly fall into disrepair as increasing levels of individuals move into the prospering areas.