2013 has been an incredible year for housing and economic recovery – and the year isn’t even over yet! Many national statistics point to a healthier economy for the U.S. which will positively impact all cities, including Birmingham.
More Home Sales
This year, national homebuilder confidence has made many big strides towards an optimistic outlook. When homebuilders feel more confident that their homes will sell, they’ll be likely to build more. The more homes built, the more homes sold – and that’s always a good thing for recovery. More and more people are striving for homeownership and the ideal housing market allows for them to do so.
Home Prices Are Rising
National home prices have seen an increase since 2008. And, believe it or not, this is good news. This means that experts are finding more value in homes and more people are able to afford them at the new prices.
Rising Mortgage Rates
While they may be frustrating to a few, rising mortgage rates are actually a good sign. As mortgage rates stabilize and even out, the housing market is expected to do the same.
Many found themselves in a financial pinch a few years ago, but studies have shown that people are regaining jobs and finding security within their careers. As businesses keep up with the demands of a prosperous economy, they’ll need to hire more employees, which allows for more overall spending.
Increase in Retail Sales
It may seem insignificant, but increases in retail sales are indicative of economic improvement. It makes sense: the more extra money a person has, the more likely they are to buy new clothes and products. Recent reports show that retail sales have made quite an improvement this year alone, suggesting the economy is recovering perfectly.
The Experts Say So
This might not be a valid enough reason for a few, but you can’t ignore the facts. Experts have been right on track when it comes to predicting the future of our economic recovery. Now, economists from Forbes and CNN Money are all saying that our economic status is improving and will continue to do so.