The US property market is expected to recover next year, as it moves closer to stabilization, according to the latest forecast.
The 2010 property market in the US is projected to appreciate, showing the development of the improving trends in many markets in the US, according to 2010’s Best 25 Market Forecast by Housing Predictor in Florida.
Despite the weak economy, property sales are rising in major parts of the US and are being projected to improve by the first half of 2010, boosted by the US government’s expansion of the tax credit for homebuyers.
Columbus, Cincinnati, Cleveland and Toledo lead the list for next year. This is due to the lower prices which analysts have predicted.
Markets are also expected to appreciate in cities like Alaska, Delaware, Louisiana, Michigan, Nebraska, North Dakota, South Dakota, West Virginia, Pennsylvania, Virginia and Texas. The report said these 12 states represent the top 25 list and are mostly located in the Northern and Midwest -tier states, which were less affected by the housing crisis. Overall, 44 markets are expected to experience housing inflation by next year.
More than 250 local housing markets in 50 states were forecasted by The Housing Predictor, which selects the 25 best markets annually. The market listed in the Best 25 Market Forecast is the market with the highest possibility of appreciation among the entire market forecast for 2010.
Meanwhile, the National Association of Realtors’ latest report showed that existing home sales increased in November, as first time homebuyers rushed to close sales before the November 30 deadline for the expanded and extended tax credit.
Sales, including town homes, condominiums, co-ops and single family units increased 7.4 percent from 6.09 million in October to the seasonally adjusted annual rate of 6.54 million units in November, 44.1 percent higher than in November last year. Current sales remain at the highest level since February of 2007, when 6.55 million units were achieved.