Report Shows Signed Contracts for U.S. Homes Increase
By Saul Gross
The latest sign that the U.S. real estate market is improving shows more Americans signed contracts to purchase homes last February than in nearly a year. The National Association of Realtors released this data, which shows that the seasonally adjusted pending home sales index increased 3.1 percent to 106.9 in February 2015. That’s the highest it’s been since June 2013!
If you’re preparing to list your home on the local housing market anytime soon, we encourage you to keep reading to learn more about this trend!
U.S. Home Sales On the Rise!
Here are some additional highlights from the recent National Association of Realtors report:
- Buying activity increased in the Midwest and West during the month of February, although it actually decreased slightly in the Northeast and South.
- Existing homes sold at an annual pace of 4.88 million in February, which is slightly below last year’s levels.
- The supply of homes was just 4.6 months, compared to five months a year ago. It should be noted that a six month inventory is considered a balanced market.
- Average 30-year fixed rates were 3.69 percent last week, according to the mortgage giant Freddie Mac. That was down from a 52-week high of 4.41 percent recently.
- Home prices have increased 17 percent since the middle of 2012, which is when the market bottomed out.
- Analysts are particularly encouraged by the recent gains because it means that the housing market was able to overcome such unforeseen and uncontrollable hurdles like freezing weather and a particularly harsh winter.
Experts say that the upturn suggests that the spring home buying season will be robust. They added that home sales are likely to be further supported since the unemployment rate is down to 5.5 percent. In fact, the unemployment rate is down to its lowest level in nearly seven years! And, employers have added 3.3 million jobs over the past year, including 295,000 jobs in February.
All of this is giving would-be home buyers more buying power as well as consumer confidence. This, in turn, is bringing more people to the national housing market to search for their dream home.
We’re Your #1 Real Estate Resource!
We hope you found the above information insightful as a prospective home seller. As you can see, it really is a great time to put your property on the market. Let us assist you with your listing. Right now there’s plenty of pent-up home buyer demand; home sales activity is picking up.
Check back here soon for more invaluable insights on how the national housing market could impact you. At Streamline we're happy to offer you expert advice to help you obtain a successful gain as a home seller!
