Cash buyers are currently accounting for one-third of home sales. While it seems that the housing market is in a state of recovery, there is question to whether this is a temporary upswing, or whether this housing recovery will remain status quo.
It seems that the overall opinion is that the housing recovery will not only last, but it will continue to improve over time. While there are suggestions that mortgages are being curbed due to the influx of high investor purchases of real estate, according to other facets of the economy, there is improvement in areas that also effect the housing market. Job growth is improving, which is a good indication that the economy is slowly returning to a more stable place. Annual increases in housing recovery statistics show 7.3 percent for a 10-city composite, and 8.1 percent for a 20-city composite. Housing markets that had been hit harder in recent years are showing major increases in home prices- an indication of housing recovery.
Currently, the hottest markets are Las Vegas, Atlanta and Phoenix. Las Vegas homes prices are up over 8 percent since the beginning of the year, and up 27 percent over the year. Alternately, Northwest home prices are showing a slower rise. New York home prices have risen only less than 1 percent year-over-year. While there are signs of a housing recovery overall, there is still a long way to go.