Stocks got a boost Wednesday, from signs of a rebound in the housing market.
The government reported Wednesday morning that builders broke ground last month on the most new homes and apartments in nearly four years. Here in Corpus Christi, the Association of Realtors said there is definitely an uptick in the number of residential home sales in the Coastal Bend area.
The Association of Realtors couldn't be happier about the second quarter sales. They're up by close to 20-percent over last year's numbers. That's a big jump compared to the same time period last year, and that spells great news for our real estate market.
"Last month, I alone had 32 transactions," real estate broker Chris Montalvo said. "The company closed out close to about 50. It's been absolutely incredible."
Montalvo, who works for Mirabal Montalvo & Associates, said sales are booming, both of existing homes and new construction; and a lot of it, he said, points to Eagle Ford Shale, folks wanting to either live here or buying for investment purposes.
Either way, the total dollar volume of sales in the second quarter is up by 40-percent over the same time last year. More than $200 million in sales; and that, say realtors, spells promise to an area hard hit by a slumping economy.
The latest Corpus Christi Association of Realtors report indicates the number of available homes in the market dropped from a 10-month supply to about a five and a half-month supply, and for realtors, that means more money for those selling their homes and for new home builders.
What about future sales in the third quarter? Realtors said it's too early to tell, but if the momentum from the second quarter carries into the third, a rebound in the housing market in the Corpus Christi area for 2012 looks promising.
All content © Copyright 2000 - 2013 WorldNow and KIII. All Rights Reserved.