The housing market continues to squeak out gains from already very positive conditions.
Chicago, IL (PRWEB) June 03, 2013
The recovering housing market broke yet another record this month with a three-year-high in pending home sales which The Federal Savings Bank finds very positive. According to a recent report from the National Association of Realtors (NAR), the number of contracts signed on pre-owned houses in April hit 106. This is a 0.3 percent increase from March, a 10.3 percent increase from last year and the highest count since April 2010.
This data is yet another signal for optimism in the U.S. residential real estate market. Although experts anticipated a 1.1 percent month-over-month advance, these numbers still show great progress.
"The housing market continues to squeak out gains from already very positive conditions," said Lawrence Yun, the NAR's chief economist.
The difference between the estimated and actual outcome was likely due to the low supply of homes, Reuters reported. Because mortgage rates have been at record lows lately, buyer demand has outstripped supply.
Mortgage rates are actually starting to level out, meaning demand could soon be less crazy, but buyers are showing no signs of stopping their search either way. If you're looking to take advantage of the booming housing market and low-rate mortgages, visit the Federal Savings Bank to learn more. A mortgage refinance may be a smart way to decrease your monthly payments.