Economists rarely agree on much, but one topic seems to have a number of them all nodding their heads at the same time – the housing market has turned the corner. Take a look at Elmhurst’s market statistics in this month’s newsletter, and you’ll see local proof why the industry has a decidedly rosy glow forecast for the rest of this year.

Bank of America changed its price forecast for 2012 from a .5% increase over last year to a full 2% increase. Zillow Chief Economist, Stan Humphries, who had originally forecasted a housing price drop of 3.7% for this year, has now predicted that home values will rise 1.1% instead.

The Freddie Mac House Price Index for the US showed a 4.8% gain from March to June of this year – the largest since 2006 – and a June-to-June increase of 1%. Fannie Mae is also predicting a positive price change this year of 1.1% with another 1% to follow next year. Fannie agrees with the National Association of REALTORS that existing home sales will increase 8.2% to 4.6 million this year. In Fannie’s June 2012 National Housing Survey, they also found homeowners becoming more confident in future price expectations. Fannie economists surmise that these changes may be due to continued low interest rates and the general consensus that home prices have probably hit bottom.

Kiplinger’s experts may be the rosiest of all suggesting that housing will lead the national economy in the second half of this year. They predict that with increased home sales and housing starts, home prices will continue to rise this year, and that housing will contribute to overall economic growth for the first time since 2005. Of course, there are some economists who aren’t ready to smile just yet, Fiserv and Moody’s in particular. But rather than predict negative outcomes for this year, these groups believe that 2012 prices will be flat with improvements coming a little further down the road in 2013 and 2014.

Whether you’re a buyer or a seller, the bottom line is that now is a great time to get into the housing market, and the Gracik Makinney Real Estate Group is here to help. With community knowledge, industry experience, and personal dedication, our team is the best place to start on the road to your home ownership dreams. Contact us today at 540 South York St. in Elmhurst, or at (630) 567-5902.