The Pros and Cons of Today's Housing Market
LOS ANGELES, Nov. 20, 2012 /PRNewswire-iReach/ -- With turkeys defrosting in refrigerators and cans of cranberry sauce flying off the shelves, it's time to sit down and think about what we should be thankful for in today's housing market. If you don't think there's very much to smile about, think again! In fact, there are 3 pros to today's housing market:
1.New construction is going up According to the Commerce Department, the number of newly-constructed homes surged 15% in September. That means builders are now working as fast as they were back in 2008 - clearly a sign that the demand is starting to come back. In fact, there is such a demand for brand new homes in Tampa that there aren't enough construction workers to go around! On a national level, all of that building isn't just good for the housing market. It's also good for the job market. After all, every new house that goes up creates jobs for the people who build it!
2. Existing home sales are up New constructions aren't having all of the fun. The October sales numbers just came out, and the number of existing home sales went up 2.1%. Even better news? The median sales price is 1% higher than it was in October 2011 (right now it's at $178,600). It's a small step, but it's also a step in the right direction.
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