Well, it’s about time!
Most of us know that the housing market couldn’t stay depressed forever. It was just a question of when a return to normalcy would occur.
The answer? Now.
As you can see from the chart the improvement in May was pretty dramatic. (As an aside, aren’t pictures so much better than data and tables?)
The trend-line for median home prices peaked at $136,054 on February, 2011. Then at that time, they steadily fell for the next 12 months to a low of $129,679. That’s a 4.69-percent drop.
The next three months saw values spike upward, which is welcome news to Louisville home sellers everywhere.
More great news, real estate sales activity has continued to gain momentum. In fact, home sales have outpaced the previous year in 9 of the last 11 months; the other two practically dead heats.
May 2012 saw home sales jump 29 percent over May 2011 — admittedly a poorly performing month.
There’s a lot to like about this recovery.
We now know how much housing affects the other sectors so if our economy is truly going to get moving, this month’s performance may be the sound of the starting gun.