With multifamily housing back on its feet, NAR Chief Economist Lawrence Yun said the more hopeful tone in Washington may pave the way for a full commercial recovery.
Most of the major commercial real estate sectors show gradually improving fundamentals and are easily absorbing the relatively small amount of new space that is coming online, with a full recovery already in the multifamily market, according to the National Association of Realtors® quarterly commercial real estate forecast.
The large increase in housing starts to 894,000 indicates progress towards stable overall vacancy rates, but further increase is needed, to 1.3 million, to reach that stability.
Sales are being driven by strengthening fundamentals—the improving jobs picture, rising rental rates, continuing low interest rates and housing affordability—and prices are gaining on reduced supply.
More than they have in the past decade, two-income married couples are fueling today's home buying and selling market, and they are turning to REALTORS® to help them.
Sales of existing homes increased in October, even with some regional impact from Hurricane Sandy, while home prices continued to rise due to lower levels of inventory supply, according to the National Association of Realtors®.
NAR's 2012 Home Buyer and Home Seller Survey shows a strengthening in the older, married, higher-income, move-up buyer market. Read more to find out why.
The median down payment provided by home buyers dropped this year to its lowest level since 2009.
National trends don't always show up at the local level, researchers warn practitioners.
Even as the fundamentals in the residential real estate market improve, the commercial sector is "hobbling to recovery," said NAR Chief Economist Lawrence Yun at the REALTORS® Conference & Expo's Commercial Real Estate Forum.