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2009 Real Estate Market Update

By Michael Fahey | June 25, 2009

A Message from the President

Summer is here and with it comes some promising news for the real estate industry, although tempered by some countervailing factors.  Nationally, sales of existing homes increased for the third month in a row.  According to The National Association of REALTORS®, sales in May rose by 2.4% over the previous month’s sales, although they were down 3.6% year-over-year.  While first-time homebuyers remain active in the market, other segments of the housing industry continue to struggle, including the high-end.  Accordingly, NAR reports that the median house price in May was $173,000, up from $166,600 in April, but still down 16.8% from the May 2008 median price.  The Commerce Department also recently reported that new single-family home starts were up by 7.5% in May, an increase for the third consecutive month.  This is another positive sign that points to recovery, according to many economic analysts.
 
In related news, the Joint Center for Housing Studies of Harvard University recently released a study that indicates household growth from 2010-2020 should to similar to the solid performance seen in 1995-2005. This growth will in large part be based on Echo Boomer demand, as record numbers of Echo Boomers, who are the largest generation in American history, reach young adulthood during the next decade.
 
While certainly these are still challenging times, not only are we optimistic given the above news, we believe we have an exceptional opportunity to chart our new path.
 
Personally, I am excited by the potential and by the progress we are making, details of which are shared in the Brand Update article below.  I had the opportunity to participate in the most recent Brand Council meeting, and enjoyed meeting all of the Council members, listening to what they had to say, and collaborating with them on the development of the new brand.
 
On another note, I also wanted to let you know that the executive search for the new President of GMAC Real Estate has been initiated, and that we are receiving significant interest.  I hope to have more to share with you on our progress in this area in the next edition of Transition News.
 
Finally, I would like to congratulate Doug Randall, and the team at Randall Realtors GMAC Real Estate on their purchase of Kinlin Grover GMAC Real Estate.   Together, the two companies form one of the largest real estate brokerages in New England, and we look forward to partnering with them as they grow and succeed.  More information on the purchase can be found further on in this edition of Transition News.

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