The following headlines are in today's Richmond Times-Dispatch:
"Economic Indicators Up 0.7 Percent in Feb[ruary]"
"Unemployment Claims Fall to Four-Year Low"
And this quote:
The average U.S. rate on a 30-year fixed mortgage jumped to 4.08 percent from 3.92 percent the previous week, mortgage buyer Freddie Mac said. The average on the 15-year fixed mortgage rose to 3.30 percent from 3.16 percent last week.
Richmond Times-Dispatch Business Section, Page D3.
What does that mean for Richmond's housing market? Personally, I think we have passed the bottom. Housing markets are hyper-local, and this isn't the case everywhere in the greater Richmond area, I know. I am basing my conclusion on activity in Areas 10 (urban City of Richmond from Church Hill and Fulton west through the Museum District) and 20 (City of Richmond from the other side of the Downtown Expressway west to the Henrico County line). In these areas I'm seeing even white-hot activity, especially:
- Fan houses $500,000 and up;
- Multifamily properties; and
- Windsor Farms.
I personally think the activity in these areas is the leading indicator of a broader housing recovery for the entire Richmond metropolitan area. At least I sure hope so. What do you think?