Has the Real Estate market bottomed?
Check out this chart showing the median price of houses in the US and note the 20% increase in the last five months. Is this finally signaling we have hit bottom?
There are a lot of reports out there that the real estate has bottomed.The following chart provides a great visual of where the market is now. The information is provided by Chart of the Day.
For some perspective on the all-important US real estate market, today's chart illustrates the inflation-adjusted median price of a single-family home in the United States over the past 42 years. Not only did housing prices increase at a rapid rate from 1991 to 2005, the rate at which housing prices increased -- increased. All those gains were given back during the following 6.5 years. Over the past five months, however, the median price of a single-family home has surged by over 20% -- the biggest five-month gain on record (the data goes back to 1968). The sharp downward trend that began in mid-2005 is now over.
The market in Truckee / Tahoe is very similar, sales volumes are up and inventory is down. Here is our latest report.
There are some exceptional values in our market right now and the prices for land are unbelievably low.
Here is a short sale property we have in Lahontan, one of the very high end gated communities in our area.The home is over 6,000 square fee, 5 bedrooms, 5.5 baths and lots more, on a terrific golf course lot.
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