Global: Real Estate Market Boom
There is a great transition in real the real estate market. We see signs all over here in Santa Barbara where prices are increasing, inventory is low, and mortgage rates are still extremely attractive. Is there a “global” real estate market boom? Let’s take a look at what is going on.
According to a NuWire Investment News article consider the following:
- Pending sales have been above a year ago sales for 24 months now
- Home values this year are expected to rise to their highest level in 5 years
- The National Association of Realtors is expecting existing median home prices to rise 8% this year
- New housing starts are up
Although spottier, commercial real estate values are also seeing gains. There are sounds of new construction, and those of us in the business are actually seeing bidding wars on desired properties.
Without question the market has changed dramatically, even in just the last 6 months. For those of us in the Santa Barbara area, we are in one of the areas in the epicenter of this changing world real estate market.