Recently released figures indicate real estate nationwide and Santa Cruz real estate are continuing to steadily improve. Here are seven signs that demonstrate the upturn:
1. Housing affordability has risen dramatically. This is due to a combination of reduced real estate prices and record-low mortgage rates.
2. Housing starts are increasing, driven mostly by multifamily starts.
3. Existing home sales increased in January. That means we’ve now had three months of gains out of the past four months.
4. Total housing inventory fell to a 6.1 month supply at the end of January. This means that on average it now takes just over 6 months to sell a home, which is an improvement. According to Lawrence Yun, NAR chief economist, "The broad inventory