Hurray! The Real Estate Market is on the rise Again

According to analysts at Standard and Poor's and Barclay Capital the trend is up for home sales. A continued rise in February and through March indicates this is a trend. It is believed that the real estate market hit bottom in late 2010 but is now in an upward swing.

NAR (National Association of REALTORS) reports existing home sales have been on the rise for 6 out of the last 8 months.

As for new home sales; msnbc reports that winter of 2010 was the slowest in almost 1/2 century but are expecting to rebound. The challenge for new homes is the foreclosure market.

Below are the latest statistics for the Austin area.

AUSTIN AREA MARKET STATISTICS made simple

MARCH 2011 vs MARCH 2010

Homes Sold: 1,597 - DOWN 10%

Median Sales Price: $185,260 - UP 2%

Days on Market: 96 - UP 32%

Active Listings: 9,156 - DOWN 11%

Source: Austin Board of Realtors