Looking forward, Peoples Home Equity expects to see a drastic out-performance of home sales relative to median home prices going through summer.
Chicago, IL (PRWEB) April 11, 2014
Peoples Home Equity was excited to see that U.S. weekly home sales have increased for the third consecutive week since March 20th. The lender believes that the housing market is in the middle of a home sale rebound. Peoples Home Equity was anxiously waiting to see this week’s home sale announcement from DQnews.com as it stated in a publication on April 8th, 2014 “the data provider will release its next weekly National Home Sales Snapshot" this Thursday, April 10th.
In Thursday, April 10th’s DQnews “National Home Sales Snapshot” weekly home sales increased 3.7% week over week, while median home prices increased just 0.2%. The Thursday snapshot showed a graphical representation of what appears to be the beginning of a new positive trend to follow through the spring season. Peoples Home Equity is optimistic about this data as home sales have been sluggish through the winter as the same with mortgage applications. Weekly home sales have not increased for three consecutive weeks since April 2013. Besides sales, median home prices also posted a rise for the 4th consecutive week since March 13th. Median home prices have actually outperformed home sales through the winter season as low inventories coupled with rising interest rates have hindered the potential of home ownership for many Americans.
Looking forward, Peoples Home Equity expects to see a drastic out-performance of home sales relative to median home prices going through summer. That said, mortgage rates may put a ceiling on the amount of sales in 2014 relative to 2013. As the Federal Reserve continues to taper its successful quantitative easing program rates are expected to move higher and higher. For this reason, Peoples Home Equity has been encouraging its applicants to get approved for a mortgage now before purchasing a home gets less affordable.
If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today details at: (855)-897-0300