With home sales increasing in three of the past four months and prices rising in many U.S. markets, there is reason to be hopeful about housing, RE/MAX CEO Margaret Kelly said in a live interview on Bloomberg TV Wednesday morning.

"We're going to bump along the bottom, but I think the worst is over," Kelly told host Margaret Brennan during the "On Business" program.

Kelly noted several encouraging elements of the March RE/MAX Housing Report, which surveys housing data in 54 metro areas. In an astonishing 53 of the 54 markets, home sales March over February increased by double-digit percentages.

Also, 35 of those cities experienced month-to-month increases in price, continuing an early 2011 trend. In January, the number was zero; in February it had risen to 17.

"That's very encouraging," Kelly said.

She noted that the RE/MAX Housing Report generally focuses on year-over-year figures, but comparing March 2011 to March 2010 isn't truly relevant due to the "tax credit that artificially stimulated the market" last year.

And although housing must still work through a "glut of foreclosures ... one bite at a time," Kelly cited heavy investor activity as a sign that price bottoms have been reached in many places.

"I'm cautiously optimistic," she said.

You can watch a 3-minute video of the Bloomberg TV interview or access a PDF of the March RE/MAX Housing Report.

Social media buzz
See what others are saying about the interview on the RE/MAX Facebook page and RE/MAX on Twitter. 

© 2011 RE/MAX, LLC. RE/MAX Affiliates may share this article, provided they do not charge for it and this notice is included. All other rights reserved.

Comment on this story and read more on RE/MAX Mainstreet
E-mail your comments to editor@remax.net. Please include your full name, RE/MAX office, city and state or province. Comments, slightly edited for length, flow and punctuation, will appear below.

Comments (0)

Posted 4/20/11