A latest report by Realtor.com predicts home sale increase in more than 10 metro areas across the United States.
Gathering data from the June housing index, Realtor.com - operated by Move Inc. - found that while home prices have increased, inventory has also improved and properties sold five percent faster in June as compared on a year-over-year basis.
Considering the strong housing data, the real estate website compiled a list of 10 metro areas in the country where home sales could easily surpass national housing trends in the coming few months.
"The markets where we expect significant third quarter home sales are all very different-ranging from small to large, affordable to expensive, previously distressed to minimally affected by the downturn. Diversification in the areas experiencing healthy real estate economies is a key indicator that the housing recovery has become more sustainable," Jonathan Smoke, chief economist at Realtor.com, said in a statement.
Listed in alphabetical order, find the metro areas below:
- Albany, NY
- Baton Rouge, LA
- Charlotte, NC
- Columbia, SC
- Des Moines, IA
- Philadelphia, PA
- Portland, OR
- Reno, NV
- Spokane, WA
- Washington, DC
Smoke added that the June data reflected a strong growth which will carry on in the third quarter.
In a separate report, CoreLogic - the property intelligence firm - found that sales missed the predicted mark for the month of June. The National Association of Realtors also reported an unexpected fall in pending home sales for June.
"Home prices are continuing to rise fueled by ongoing tight supply, low rates and aggressive investor buying on the East and West Coasts. The expected surge in the number of homes for sale has not materialized to date as many homeowners are staying put and waiting for better economic times and higher prices in the future," Anand Nallathambi, president and CEO of CoreLogic, said in a statement.
However, the report noted that the slow rate of price rises and record low interest rates will give the housing market a good boost in the future.
"Home price appreciation continued moderating in June with its slight month-over-month increase. This reversion to normality that we are finally experiencing is expected to continue across the country and should further alleviate concern over diminishing affordability and the risk of another asset bubble," Mark Fleming, chief economist at CoreLogic, added in the statement.
