Existing home sales in October rose 2% to 5.6 million units, a level not seen in 9 1/2 years. Does that mean that we can finally say the recession is behind us? The difference this time is the lack of spec house building and that new construction in general has lagged demand considerably. Our market is certainly lagging in building. Areas like CB South and Skyland have a shortage of available properties for sale, but vacant land is still a lagging sector. In cities like NY the situation is different, as there has been a great influx of new development, especially at the high end of the market, and prices are starting to fall there.We should be in good shape now that the election is behind us and hopefully the economy will start picking up. I'm optimistic.
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AuthorDiane Aronovic is a former Managing Director at B of A Securities, and a real estate agent in Crested Butte, CO Archives
August 2019
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