Data gathered by Veros Real Estate Solutions revealed that the real estate market hit rock bottom already and is full recovery mode.
According to the company’s real estate market forecast for 2013, the housing market is showing improvement nationwide and it is expected that the top 100 metro areas in the U.S. will see an appreciation of 1.2% this year.
The forecast noted that several previously struggling markets are reemerging and contributing to the overall success of the market. For the first time since 2006, Veros’ forecast saw double-digit annual appreciation. Additionally, the depreciating markets are much less severe than in years past.
“For the first time since the recession began, on a national level, two-thirds of all markets are expected to either be flat or appreciating during the coming 12 months,” the forecast stated.
One of the markets with the strongest reemergence is Phoenix, whose housing supply dropped 70% from its peak, indicating strong buyer activity. “Great affordability and low interest rates are also causing significant demand,” states Eric Fox, Veros’ vice president of statistical and economic modeling.
Veros used its data to project the five strongest and weakest markets in 2013. Click on the image below to see the full list.
“Overall, the recovery in the housing market is forecast to continue to accelerate,” says Fox. “We have been consistent in saying that the recovery will be lengthy and gradual, and market-by-market. Now we are finally ‘over the hump’ at a national level with appreciation being the forecast norm instead of depreciation, although some markets are still forecast to show signs of weakness.”