US Property Market Rebounding

15 Oct 2012| Posted by: Geoff Baldwin

The latest RE/MAX National Housing Report, which includes data from 52 USA regions, shows that home prices and sales volume there have both lifted significantly over the past year, according to RE/MAX Western Australia Regional Owner, Geoff Baldwin. Mr Baldwin reported that US home prices had risen 6.3 percent since the August 2011, the median price had for seven consecutive months and home sales volume 8.5 percent higher than a year ago. “Another very important statistic showed that US stock volume has reduced by 27.7 percent and this is resulting in multiple offers in some areas for the first time since the onset of the financial crisis”, Mr Baldwin said. RE/MAX International CEO, Margaret Kelly, referring to the report said “As we move from summer to fall it's very encouraging that this year's home selling season began strong and finished even stronger”. “Nearly every month in 2012 experienced increased sales and prices when compared to 2011, showing that we've definitely passed the bottom and we're looking forward to 2013 being an even better year across the country”, Ms Kelly said. Geoff Baldwin added that the US market has always had a big influence on Australian prices and positive signs in the US were bound to further encourage buyers locally as our own market continues to improve. “RE/MAX sells more property than any other group in the USA having up to 40 percent of sales in some regions with Margaret Kelly directly advising the US Government on real estate related matters and through the RE/MAX National Housing Report”, Mr Baldwin said.