Sat
May 25th
Home 
News North America US likely to see falling property sales for next two years
News North America US likely to see falling property sales for next two years
US likely to see falling property sales for next two years |
| Wednesday, 22 December 2010 | |
 US real estate sales Residential property sales in the US are likely to be slow for another two years as the market struggles to recover in 2011, according to experts. Real estate sales fell nearly 5% in November from the previous month and are now 26% lower than a year earlier, according to the most recent RE/MAX national housing report. The real estate giant said the market ‘is struggling to find secure footing’ after the end of the homebuyer tax credit programme earlier this year. ‘While home sales usually decline in winter months, we are seeing a large than normal correction this winter due to several artificial factors like the expired tax credit,’ said Margaret Kelly, chief executive of RE/MAX. But she is more positive on prices. ‘Despite predictions about falling home prices, they appear to be remaining stable with several markets reporting significant price increases over the last year,’ she explained. The monthly RE/MAX survey covers 54 metropolitan areas, and none of the areas reported an increase in November sales from the year earlier. The top five markets that experienced a sales gain last month from October include Jackson in Mississippi and Billings in Montana both with a 9.2% increase, Las Vegas up 4.7%, Birmingham in Alabama up 3.8%; and Miami up 3.6%. The report also shows that housing starts rose for the first time in a few months in November climbing 3.9% from the previous month. Although building permits for new home construction fell to the lowest point in a year and a half, according to the Commerce Department. Starts rose to a seasonally adjusted rate of 555,000 units, up from a revised 534,000 units for October but still 5.8% lower than a year earlier. While permits for new construction, a leading indicator of future building activity, decreased to 530,000 in November, which is 4% lower than the revised October figure of 552,000 and 14.7% below the year ago estimate of 621,000. ‘The US housing sector does not appear to be participating in the recent improvement in economic activity. We suspect this will be a theme of the next couple of years,’ said Paul Dales, US economist at Capital Economics.
This story relates to: [SEE ALL] BOOKMARK THIS PAGE (What is this?) |
More Recent News
- US prices set to fall again in 2011 after turbulent 12 months 07/01/2011
- More condos being sold in Florida as house transactions fall 04/01/2011
- Analysts expect further 10% fall in US property prices 30/12/2010
- US property foreclosures down, latest figures show 30/12/2010
- Beleaguered US real estate market holding back recovery 28/12/2010
Earlier News
- US property prices see sharp declines towards the end of the year 21/12/2010
- Steady improvement sees Canadian real estate market return to normal levels, new report suggests 20/12/2010
- Foreign buyers snapping up real estate bargains in trendy Florida locations 15/12/2010
- US property prices see drop of $1.7 trillion in value in 2010, new report shows 13/12/2010
- NAR says mortgage foreclosures in US have passed their peak 01/12/2010
North America: Top Headline
Cuba’s first luxury golf property project plans approved{mosimage} Cuba is to get its first luxury golf project with officials approving plans for a $350 million development with an 18 hole course designed by golfing legend Tony Jacklin.Search for Properties:
Powered by Zoopla.co.uk
Feature story
Student accommodation investment check ListIt’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.
Company news
French estate agent on recruitment driveFrench estate agents Leggett Immobilier has announced it is undertaking a major recruitment in France for people to work with UK buyers and from other international markets.
Finance Update
Leeds Building Society reduced rate on first time buyer mortgageLeeds Building Society has reduced the rate on its popular first time buyer mortgage by up to 0.5% in a move it says will help more onto the property ladder.
Features
Student accommodation investment check ListIt’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.
Bookshop
Newsletter
Subscribe to our weekly newsletter and stay updated on the property market trends.
Subscribe now >>
|
ADVICE TO READERS While this website is checked for accuracy, we are not liable for any incorrect information included. We recommend that you make enquiries based on your own circumstances and, if necessary, take professional advice before entering into transactions.
