Chicago, IL (PRWEB) March 14, 2014
Peoples Home Equity viewed the March 13th “weekly home sales” release from DQnews.com as uplifting for the market. Home sales increased for the 2nd time in 3 weeks while median home prices remained unchanged.
Home sale increased 0.9% this week according to DQnews, which is encouraging as U.S. Home Sales have been trending up and down for long periods since 2012. In March, 2012 home sales trended up all the way to September 2012 before declining to into late March 2013. Then home sales surged again into September 2013. Then, once again, home sales declined from September 2013 to now. These swings are not estimates by analysts they are simply human nature. Individuals spend less time shopping for a home during the winter since its cold outside, properties do not look their best, and inventories decline accordingly. Peoples Home Equity expects home sales to reignite soon this coming April along with a renewed flood of listings on the market. The lender expects another year of ever increasing home sales leading into the late summer. As housing demand increases during the spring and summer the lender reminds readers rates may consequently increase, especially as the Federal Reserve plans to continue tapering its quantitative easing program.
Median home prices remained from last week, but still showed a 13.5% rise from a year ago as well as a 22.1% rise from 3 years ago. These annual changes in home prices have actually increase in recent weeks and may continue to do so as median home prices continued to decline into the last week of March 2013 before rebounding to highs in September and October.
While median home prices did not increase, Peoples Home Equity views this as a potential positive. The growth in real estate prices is unsustainable and not congruent with increase in household income.
Looking forward Peoples Home Equity hopes to see a follow through report next week from DQnews showing another rise in weekly home sales. In the meantime, if in need of a home loan this spring consider Peoples Home Equity and speak to a loan officer today at: (855)-897-0300