2015 continues to present good omens for the housing market and home sales as a whole. In the latest National Association of Realtors Existing Home Sales Report, statistics on home sales and an increased stability in the market show some very positive signs for the months to come.
As we get into “home sale season”, things are looking pretty good. Some of the statistics that stand out in the latest NAR report are:
- Home sales are up 4.7% from last year and up 1.2% month over month.
- First time buyers are moving fast this year as evidenced by the increase of 29% in first-time buyer activity since November 2014.
- Homes are selling fast. 34% of homes on the market were listed for less than a month in February.
- Prices are up 7.5%
What Does It All Mean For The Existing Housing Market?
As we move into the time of year know most for selling and buying homes, April to June, anyone even potentially in the market to move needs to act quickly. Continued stabilization of the market means continued increases in home prices and interest rates. How quickly those numbers climb is relative to your local real estate market.
How do you get the information, you need to know, when you are ready to actively pursue selling or buying a home? Your local Realtor is going to know the trends and fluctuations in your desired neighborhood and your local mortgage banker will inform you of the best programs and mortgage rates that are available.
Take the time to look into the options you have to buy or sell your home now.
The warmer the weather, the hotter the market looks to become!
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