The recovery in commercial REALTOR® markets notched a noticeable gain during the first quarter 2013, as sales and leasing activity advanced. Based on the results of the May Commercial Real Estate Market Survey, commercial practitioners reported a solid start to the year.
In April, more than 10% of homes sold had a sales price over $500,000, and sales growth was largest among homes in above-median-priced categories.
The net worth of households and non-profits has recovered completely from the recession and reached a new peak of over $70 trillion in the first quarter of 2013.
Employment growth has been positive in all but 24 or of the 164 markets tracked by NAR Research over the 4-quarter period ending in March 2013.
Following on the solid 24 percent yearly gains in 2012, commercial investments were strong in the first quarter of 2013.
National vacancy rates over the coming year are expected to continue declining in most property sectors.
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In 2012, the typical home sold - based on median figures - was 1,860 square feet, one level, three bedrooms, two bathrooms, and was built in 1996. Repeat buyers bought larger and newer homes than first-time buyers.
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NAR Chief Economist Lawrence Yun discusses the increase in pending home sales in April, 2013 and the likely effect of low inventory on home prices.