According to The Kiplinger Letter, prices are up, inventory is down and the recovery in housing is under way. Increased construction and sales are putting more people to work and feeding the national economy. This increase positively affects makers and sellers of appliances, furniture, carpets, landscapers and more. The GDP has experienced .6 percent growth this year from the housing industry.
Other housing statistics, according to Kiplinger:
- Nearly a million new homes will be built in 2013.
- The average home price will climb by five percent this year, with an additional seven percent likely next year.
- Inventories are starting to decrease, in some areas the lowest they have been since April 2005. A dozen California metro areas saw inventories fall by 30 percent. Other areas likely to do well: Austin, Portland, Seattle, Salt Lake City, Atlanta, Minneapolis and Boise.
- The forecast isn't so rosy for some areas of the country like New York, New Jersey, Connecticut, Florida and Nevada. The supply and price plunge was too gargantuan to overcome quickly. Foreclosed properties are selling at a discount of 40 percent.
- Lagging economies and slow job growth are common in these cities: New Orleans, Chicago, Philadelphia, Charleston and others.
Unity One Credit Union follows these and other reports that affect members nationwide and the communities we serve. For more information, feel free to contact. us.