Latest news positive for real estate market

Posted by Judy Putnam on August 31st, 2007

According to Atlanta-based Beacham & Company, a real estate company specializing in luxury real estate, business couldn’t be better.

The company reported a hefty 7 percent increase in sales of $1 million-plus single family family homes for the first seven months of 2007. A total of 560 single-family homes sold from January through July of this year up from 523 homes sold for the same period in 2006.

Dac Carver, Executive Vice President and Managing Broker for Beacham point out that buyers in the market for a home in the “$1 million plus market aren’t affected by the same factors as buyers in lower price points ….”

Luxury home buyers approach the purchase of a home as they would in considering any good investment, he notes, they wait until conditions are right to make a good business investment.

And there may be good news on the horizon for the remainder of the real estate market according to Lawrence Yun, senior economist with the National Realtors Association who reports seeing a positive trend developing.

“The rise in sales and prices in the Northeast region on a fairly consistent basis in recent months is promising because this was the first region that underrwent sales and price weakness after the boom,” says Yun. “Now it appears that it will be the first region to climb back, indicating that other regions could follow a similar path.”