Weekly home sales have already risen from approximately 160,000 in March to 210,000 this week, a +31% increase from nearly just a month ago.
Chicago, IL (PRWEB) May 01, 2014
DQnews.com released their “National Home Sales Snapshot” on Thursday, May 1st showing the 5th consecutive week over week rise in home sales! Peoples Home Equity highlights the fact that housing market spectators should give more attention to these weekly sales rather than the more publicized yet lagging pending homes sales and existing home sales from previous months. The lender is optimistic that the housing market will continue to see increase real estate activity in the weeks ahead.
U.S. home sales rose 4.4% week over week as reported by DQnews, showing that home sales are quickly rebounding from their winter slump. In order for the market to reach its September 2013 high weekly home sales will need to reach 270,000 which may be possible given the current uptrend pace. Weekly home sales have already risen from approximately 160,000 in March to 210,000 this week, a +31% increase from nearly just a month ago. Fortunately for home buyers are the market is seeing home sales outperform price. In fact median home prices actually fell slightly last week before gaining 0.5% this week.
Peoples Home Equity thinks weekly home sales as well as mortgage applications and initial jobless claims gives readers a good almost leading barometer on the state of the housing market. Both sales and prices certain look like they are going to chug higher as unemployment continues to decline and credit standards loosen up.
Prospective home buyers should act now if they plan to purchase a home since mortgage rates have been stalling to react to the increase in sales this spring. Mortgage applications stand to gain a lot from Thursday’s 0.08 point decline on the rate of a 30 year fixed mortgage, as shown on MortgageNewsDaily.com. A 30 year fixed rate mortgage now stands at 4.29% as of May 1st, the rate of this loan type used to be as high as 4.56% on April 2nd.
Prospective mortgage applicants should remember that the Federal Reserve is on a mission to taper is asset repurchase program to zero and eventually and intentionally raise interest rates having a direct effect on mortgage rates. The current environment shows that home prices are trending higher, if mortgage rates also increase in the future then the affordability of a home will decrease. Thus, now is the time to purchase a home to avoid higher rates and enjoy gaining home equity.
If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today details at: 262-563-4026