Housing Studies at Harvard University

ScottSorensonRealEstate.Com

The Joint Center for Housing Studies at Harvard University in their annual State of the Nation’s Housing Report summarized the current market in these terms:

“Housing markets are showing signs of reviving. While still in the early innings of a housing recovery, rental markets have turned the corner, home sales are strengthening, and a floor is beginning to form under home prices. With new home inventories at record lows, unless the broader economy goes into a tailspin, stronger sales should further stabilize prices and pave the way for a pickup in single-family housing construction over the course of 2012…”
What’s even more striking is that its managing director stated in the report that inventories of new, single-family homes in March were at their lowest point in nearly a half century. This means that it would take less than six months to sell all of it. A five-to-six-month period is considered a balanced market.