Reports Show Continuing Improvement in Retail, Residential Real Estate

Sudbury Shopping CenterCiting a report from Jones Lang LaSalle, the Boston Business Journal reports that the retail real estate sector continues to stabilize.  Although rents nationally continued to decline by 1.7 percent, this was an improvement of .5 percent in the second quarter.  In Boston, the retail market posted 1.3 percent growth.  Other markets, such as Washington D.C. (2.6 percent), Miami (13.2 percent) and Tampa (1.9 percent), are also seeing increased rents. 

The residential housing market is also improving.  According to Reuters, the National Association of Realtors, reports that “sales of previously owned homes rose 2.3 percent to an annual rate of 4.47 million units.”  The number of distressed sales continues to decline, and home prices rose in July.  “The median price for a home resale was $187,300 in July – 9.4 percent higher than in the same month a year earlier.” Citing another report from the U.S. Census Bureau and the Department of Housing and Urban Development, the Worcester Business Journal indicated that “sales of new, single family homes continued to rise in July, with national sales growing 25 percent over the same month last year.”  Experts expect continued, albeit slow and gradual, improvement, although significant concerns remain about the overall economic outlook.

About David McCay

Dave is a partner in the firm’s litigation and land use groups where he assists clients in the resolution of complex real estate, environmental and business disputes. He also represents property owners and developers in local land use permitting matters. Dave is active in the Boroughs+ region serving as the Chair of the Southborough Economic Development Committee and as immediate Past Chair of the Marlborough Regional Chamber of Commerce. He is also a member of the Board of Directors of the 495/MetroWest Partnership, the Advisory Board of the MetroWest Economic Research Center at Framingham State University, and the Marlborough Economic Development Corporation. Dave lives in Southborough with his wife and two sons.
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One Response to Reports Show Continuing Improvement in Retail, Residential Real Estate

  1. They forecast continuing improvement for the nation’s real estate markets, … According to the most recent report, the housing market is … such as retail sales and payroll performance should show continued improvement.

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