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Home Sales on the Rise: Is this the Light at the End of the Tunnel?

December 5th, 2013 · Leave a Comment

All around the country, real estate sales are on the rise. This is coming from the back end of a recession from many people who haven’t had the money to spend the last few years. In the Jacksonville area, media prices for homes have risen to as high as 25 percent more than what they were worth a year ago, and sales have increased more than 27 percent during the same period.

Could this be a sign that the after-effects of the recession are receding?

Running Low on Inventory

Still, many Jacksonville-area Realtors have seen a decline in the inventory of homes available for sale. Available single-family homes have decreased by more than 10 percent over the past 12 months, and condos inventory has dipped by 7 percent. The rise in home prices, increase in sales and a decrease in inventory could be seen as a positive for long-term prospects of a healthy market.

It’s difficult to predict just how well the residential real estate market will recover from the events of the past. A rise in mortgage interest rates could be an end to any growth. Then again, the economy may continue to improve at a faster pace than many anticipate, and the housing market could grow regardless of interest rates.

In that case, the recent rise in home sales might just be the light at the end of the tunnel.

Written by Madoline Hatter, a freelance writer from ChangeOfAddressForm.com. Professionals interested in guest blogging can write to info@whatsupjacksonville.com.

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