The 25-MSA Composite is still 29% below its peak, but it has been rising quickly since hitting its lowest level of the year in late March, according to the July 2009 RPX Monthly Housing Market Report released today by Radar Logic Incorporated. In fact, the increase in the Composite from the end of March to the end of July, 2009, was larger than the average increase for that period over the last ten years.
”Stability in the housing market is old news,” said Michael Feder, President and CEO of Radar Logic. “We have been observing strength in home sales since April and recovery in the RPX Composite price since May. The important question moving forward is whether the current demand will continue into the fall.”
“The recent strength in the housing market has been above and beyond what one would expect in light of historical patterns. If this strength continues through the next couple of months, we believe it will bode well for the housing market in 2010,” Feder added.
Click here for the full report.