Across the nation, the current real estate market features a mixed bag of tricks. Within Orlando, Florida inventory is moving, but prices are still retracting. In California default filings have increased over the summer. However, in some parts of the country there are positive signs indicating that certain markets are on the mend.
Washington D.C. Housing Market in Recovery
The Metropolitan Regional Information Systems (MRIS) and Delta Associates recently released statistics analyzing real estate market indicators in the Mid Atlantic Region. According to the report, Washington D.C. is leading the nation in becoming the first region to officially enter a recovery cycle in relation to the housing market. According to the report, within the metro D.C. area home prices during the second quarter of 2010 are above first quarter statistics for the year and are above the same time period from 2009.
In the nation's capital the average price of a Washington-area home is currently $398,445 (Q2). That price tag is 4.2 percent more than the same time period as last year. The total Q2 sales volume in the area is 60.6 percent greater than the activity recording during the first quarter of 2010. The report indicates that further home value increases should be expected for the remainder of the year.
One factor that is positively effecting the local real estate market is the low unemployment rate in the area. According to the Bureau of Labor Statistics, the regional unemployment rate is a moderate 6.3 percent. That number is substantially less than the current national unemployment rate 9.6 percent. Unemployment is considered to be a major factor in preventing a recovery of the real estate market.
Baltimore Real Estate Market on Upswing
Although experts are not officially saying Baltimore, Maryland's housing market is in a full recovery mode, the local housing market in town is faring better than the rest of the country. According to the MRIS/Delta Associates report “We believe the recession has ended in Baltimore, and the local economy is currently on a slow path to recovery.” The report has shown increases in housing prices and volume of housing sales transactions in Baltimore. In the area home prices increased .9 percent over the same time period of 2009 (Q2).
While Baltimore is a city with a life and breath of its own, it is also a suburb of Washington D.C. Like its neighbor, the area boasts local unemployment rates lower than the national average. The most current Bureau of Labor Statistics shows the area as having an unemployment rate of 8.2 percent.
Michigan's Home Prices Increase
RealComp, Michigan’s largest a Realtor-owned multiple listings service, August statistics indicate that home sales were down in the southeastern quadrant of Michigan (including Detroit). Despite that trend, median prices for real estate owned properties started to rise as there is less foreclosure inventory available.
According to D.C. Bowers owner of locally based real estate firm Bowers & Associates, “The oversupply is beginning to be absorbed.” However local real estate agents concerned about a double dip recession are hesitant in saying a recovery has begun. Additionally, Michigan currently has a 13.1 percent unemployment rate, and the Detroit metro area had a whopping 15.2 percent rate in July.
