A recent public property records report following the recovery of the housing market shows that home supply is beginning to catch up with the increasing demand among buyers. Realtor.com released the Real Estate Health Report for May 2013, and the data shows an uptick in the amount of residencies available for sale last month. The cumulative number of single-family homes, condos, co-ops and townhouses on the market rose by 5.82 percent from April to May.
In May, the median list price rose 2.10 percent to land at $199,000, a 4.79 percent increase from last year. The report also revealed a year-over-year decrease of 10.11 percent in inventory from May of last year, compared to a decrease of 14.1 percent from the year before.
"We are seeing large regional markets across the country leading the way to national recovery," said Steve Berkowitz, CEO of Move Inc. "These regions are acting as a microcosm for what's slowly happening in the larger real estate market."
Berkowitz went on to note that a rise in consumer demand was beginning to reflect in seller confidence, a sentiment that is backed up by Fannie Mae's most recent National Housing Survey. Within the survey, an annual high of 76 percent respondents noted that they felt it would be a good time to sell a home, while 40 percent said that they thought it was a good time to buy, an uptick of 10 percent from the prior month.
Recovery anticipated in markets that haven't yet healed
While these are all signs of a recovering economy, there are still some regions that haven't experienced the same growth as the rest of the nation. However, experts are still seeing signs of recovery, according to Kiplinger. In these markets, there is an oversupply of homes, which has led to a drop in their home prices. Nationally, home prices have risen 6.8 percent, but areas such as Charlotte, North Carolina, and St. Louis experienced a down tick of almost 4 percent in the past year, the news source noted. On the upside, homes sales in these counties have seen increases of 29 percent and 14 percent respectively.
Some of these regions are lagging behind on the housing market front because of the damages done by natural disasters, cities such as Atlantic City, New Jersey; and Baton Rouge Louisiana.