Previously owned property sales increase in Philly

In the United States, the real estate market continues to show new signs of resurgence daily. Real estate in Philadelphia, PA, may be at the heart of the recovery. Sales of previously owned homes in the eight-county Philadelphia region increased 37 percent in March 2012 from the month before, according to The Philadelphia Inquirer.

Overall sales performance was much higher in March both in Philly and across the nation, although the City of Brotherly Love saw a 9.8 percent increase from 2011 compared with 5.2 percent countrywide, the news source reports.

The recent housing market activity in the area may be directly related to rising rents, a healthier job market and banks helping people obtain loans more regularly. In addition, builders across the country are responding to new demand by laying plans for more construction projects in 2012. The amount of requested permits is at a seasonally adjusted rate of 747,000 in March, higher than any other point in the past three and a half years, The Associated Press reports.

Of those permits, approximately 462,000 were to build single-family homes, an uptick of 12 percent from six months ago, according to AP.

Homebuyers are encouraged to invest in properties today more than ever, and many have responded to the call. With for-sale homes being purchased regularly, builders may have their work cut out for them as the year progresses.