The National Association of Realtors (NAR) just released their latest Existing Home Sales Report on Friday. Sales of existing homes rose by the largest increase every recorded as they rebounded 14.7% over November’s numbers and now stand at 7.7% higher than a year ago.
Existing Sales Rebound Nationwide
On a national scale, existing sales rose 14.7% over November and are 7.7% higher than December last year. That's good news! Real estate has long been the little engine that could insofar as the national economy is concerned and this is an encouraging fact to consider in terms of consumer confidence.
Location, Location, Location
We've previously discussed the fact that real estate is local in the sense that national trends, be they good or bad, may or may not apply in your local area.
As a case in point, consider the negative trend for existing homes for sale in El Paso County, CO as shown in this graph, where there was a 19% decrease from November to December 2015 and a 18% decrease from December 2014.
Supply and Demand
And not that this is bad news. The law of supply and demand makes it so the decreased supply causes an increase in demand and with it an increase in prices, as you will see from the graph below.
In addition, depending on price range it can also bring nirvana to any seller, multiple offers which often exceed asking price.
Overall, the Colorado Springs real estate market is not only alive and well, but awaits your participation and the professionals at realestatesupermarkets.com are standing by to be of service with down payment assistance, referrals to quality lenders and service providers, as well as investor financing. Contact us anyway you can and let's get it started.