No two real estate markets are the same and real estate plays an integral role in the U.S. Economy. Residential real estate provides housing for families, and is often the greatest source of wealth and savings for many of us. The National Association of Realtors® estimates that one job is generated for every two home sales. Using that ratio, 1,000 home sales generate 500 jobs. The ratio is derived from the economic impact of an existing home sale. Each home sale contributes about sixty thousand dollars to the economy or Gross Domestic Product (GDP).
These residential market trends will provide you a good grasp of our local housing market and economic forecasts that will also play an intricate role in the housing market.