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US real estate market worries offset by overseas demand

Posted by: In: Real Estate 25 Apr 2014 Comments: 0 Tags: ,
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Slowing property price rises and volumes are raising worries about an “underperforming” US market, but there is no sign of foreign demand slipping, say experts

With flat property sales and slowing price rises, concerns are being raised about the strength of the United States market.

However, strong overseas demand is helping support sales, says a leading overseas property marketing and PR specialist.

Median existing home prices have risen 7.9% to US$198,500, compared to 11.8% a year earlier, according to the latest data from the National Association of Realtors.

Existing home sales have now fallen seven times in eight months, and are down 7.5% annually to March 2014 and new-builds sales have dropped 14.5% in the last month.

NAR Chief Economist Lawrence Yun, admits current sales activity is underperforming, but he believes the US market will pick up.

“There really should be stronger levels of home sales given our population growth. In contrast, price growth is rising faster than historical norms because of inventory shortages.

“With on-going job creation and some weather delayed shopping activity, home sales should pick up, especially if inventory continues to improve and mortgage interest rates rise only modestly.”

Dominic Pickering, Business Development Director, of Florida based, ORB International, which also has offices in Brazil, …read more

Source: OPP

    

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