The Fed’s Beige Book paints an encouraging picture of an improving local housing market and economy in general. An excerpt:
While Massachusetts contacts are still concerned about low inventory, the 3 percent year-over-year decline in home listings was actually the smallest decrease in 23 months. These contacts hope that sellers will come back to the market as prices rise. Furthermore, the average number of days on market fell sharply across the region. Real estate brokers have been kept busy by the strong demand from buyers encouraged by the tax credit and low prices. Unfortunately, recent flooding in several areas has been a problem for some deals.