Charlotte real estate buoyed by growing national market

While we’ve been enjoying the steady improvement in the Charlotte real estate market, we have also been reminding our readers that sustained, authentic recovery from the doldrums of 2008 required positive growth in other markets as well. As we’ve been saying for some time now, folks in New York and California will have a tough time moving here if they can’t sell their existing homes.

So we’re pleased at the latest national real estate market statistics compiled by the Department of Housing and Urban development (HUD), which include sales up through November of 2012. Not only do these national numbers show that the real estate market in the South has improved 21.1%, but the Northeast has improved by 12.5%. While the West has declined by 17.8%, overall, things are definitely recovering. As always in real estate, we have to stay focused on the big picture.

Even with the disappointing numbers from the West included, nationally we saw a 4.4% increase in home sales from October, and a 15.3% improvement over November, 2011! Those number clearly represent sustained and genuine recovery.

Barry Rutenberg, the chairman of the National Association of Home Builders, had this to say about the latest HUD analysis:

“New-home sales are gradually picking up momentum as the economy improves. Prospective home buyers who have been sitting on the fence for years are moving back into the market due to continuing low mortgage interest rates, attractive pricing and the improving economy.”

As Mr. Rutenberg says, it takes many factors to restore health to the real estate market. Home sales reflect the overall vitality of the American economy. Consumer confidence, the overall robustness of the general economy, interest rate policies as set by the Federal Reserve, and even action (though done at the last minute!) on the “fiscal cliff” all affect home sales.

With new businesses and families relocating to the Charlotte area, the positive signs we’ve been seeing in the Charlotte real estate market indicate they’re backed by an overall recuperating economy. That’s why now is a great time to contact me and find that Charotte home of your dreams!