property inventories declined -12.3% from the prior year quarter which is a 14 year low for Manhattan sales
Chicago, IL (PRWEB) January 05, 2014
Manhattan condominium sales rose 27% in the fourth quarter of 2013. Peoples Home Equity reminds readers that this news should not be too surprising. National housing demand is higher due to limited inventories, and the expectation for both home prices and mortgage rates to continue higher through 2014.
According to a release by Miller Samuel Inc., on January 3rd, Manhattan condominium sales increased at the fastest pace “in at least 25 years” during the 4th quarter of 2013. Sales totaled 3,297 in the 4th quarter of 2013 vs 2,598 in the 4th quarter of 2012, rising a whopping 26.9%!
While the news was out of the ordinary Peoples Home Equity reminds readers Individuals are reacting to a limited inventory, rising home price environment where the expectation is for mortgage rates to continue higher! In the Miller report, property inventories declined -12.3% from the prior year quarter which is a 14 year low for Manhattan sales. With such a decline in property one can only expect to see a subsequent rise in price, indeed, Manhattan real estate prices jumped 5.3% year-over-year. The amount of time homes were left of the market also declined from 177 days in 4th quarter 2012 to just 95 days in in 4th quarter 2014, which is an impressive -46.3%!
Peoples Home Equity expects the housing market to become even more active when the housing market enters the summer period. The lender, which follows the America’s labor numbers closely, believes unemployment will continue to decline leading the Federal Reserve to further taper its quantitative easing program (QE3). A further tapering of this program would, mostly likely, push mortgage rates even higher.
Peoples Home Equity strongly encourages first time home buyers to apply for a home loan now before the current housing situation moves further to the disadvantage of prospective home buyers.
Please contact Peoples Home Equity loan officer today for mortgage details at: (855)-897-0300