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Housing market to recover in 2012, West Coast to lead the way
The Concord Group, a California-based real estate strategy firm, predicts that national home sales will improve by early 2012, with annual housing units ramping up to 640,000 by the fourth quarter of 2012. The West Coast has the strongest long-term growth potential, according to the group.
The Concord Group, a California-based real estate strategy firm, predicts that national home sales will improve by early 2012, Realtor Magazine reported. The forecast calls for a recovery by the fourth quarter 2010, with some markets improving by late 2011 or early 2012.
The group’s housing report says sales will remain low – around 400,000 units annually – for most of 2011 until the market recovers to about 640,000 units annually by the fourth quarter in 2012.
According to the report, the West coast has the strongest long-term growth potential. Three of its top markets – Orange County, Calif., San Jose, Calif., and Seattle – are in the West. Washington, D.C., is the only Eastern market in the top four.