The trend in housing is up

Charleston real estate market conditionsTo the surprise of many, 2012 was a turnaround year for the  Charleston housing market and so it shouldn’t come as much of a surprise that the trend should continue to point up and this year will be excellent as well.

Bill McBride at Calculated Risk was one of the first to call a top in housing and he certainly surprised many with his call early last year that the bottom was in place. He presents Economist Tom Lawler’s 2012 “Surprises” in Housing and 2013 Forecast.

“Looking into 2013, reduced inventory levels, firmer home prices and rental rates, and a likely acceleration in household growth suggest that housing production should increase again in 2013. Moreover, unlike in 2010 and 2011 (when inventories remained elevated), such an increase would be a welcome result.”

Barry Ritholtz at the Big Picture remained skeptical of a housing recovery but just this morning, he surprised me (and I’m sure many others) with one of his Mea Culpas for 2012.

“RE/Housing Market: I doubted, and continue to doubt, the recovery in the Housing market. I expected foreclosures to tick up, the REO overhang and the underwater owners to continue to weigh on the market.

I was wrong.

Instead, the market stabilized, and prices rose.”

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