Real Estate Market Trends
Real Estate Market Trends
Introduction
Market forces play a large role in the real estate market. In recent years, 2002 to the present to be precise, there has been an increase in new home construction in order to meet consumer's demand for homes as the resale market cannot support the current need. This trend appears to be leveling out according to an article that appeared in U.S. Newswire on April 12, 2005 titled "National Association of Realtors(r): Home Sales to Soften with Firm Price Appreciation." Specific economic principles greatly affect the real estate market such as supply, demand and pricing and these principles will be addressed in this paper.
Supply
In many areas, there are shortages in the supply of real estate. In a press release published in U.S. Newswire, the National Association of Realtor's (NRA) chief economist, David Lereah states that "The market remains favorable for home sellers because housing inventory levels are tight." With the supply of homes......
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Approximate Word Count: 614
Approximate Pages: 3 (250 words per double-spaced page)
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