The ratio gap has closed immensely between the out-performance of home prices to sales from the winter.
Chicago, IL (PRWEB) May 11, 2014
Midwest lenders, such as Peoples Home Equity find the recovery in home sales are recovering well, via data shown on DQnews.com.
DQnews, a real estate statistics and data provider revealed in their May 8th “National Home Sales Snapshot” that weekly home sales increased 2.1% week over week. This weekly increase marks the 6th consecutive weekly rise in home sales! Home sales are rebounding this spring just as fast they did in spring 2013.
The ratio gap has closed immensely between the out-performance of home prices to sales from the winter. On April 27th, home prices were roughly 210,000 while home sales were approximately 160,000, a ratio of 1.31. However, as of May 8th median home prices are roughly $218,000 while weekly home sales are averaging about 215,000, a ratio of 1.01. Peoples Home Equity expects the number of home sales to surpass the figure for home prices. While Fed chair Janelt Yellen expressed her concern for weakness in the housing market on May7th, readers should note that DQnews shows weekly home sales are increasing at the same pace this year as last. Home sales rose as high as 270,000 per week in September 2013, it will be interesting to see if the market can reach this peak again this year.
Meanwhile median home prices experienced a 0.0% week over week change, which is positive for first-time home buyers. Median home prices have recently stalled over the past 6 weeks rising approximately 2.3% while home sales have risen approximately 26.4%.
Peoples Home Equity believes this data should calm some concerns over whether home sales are returning or not. Lenders are approving prospective mortgage applicants for home loans. Now is a great time to participate in the housing recovery as rising median home prices have stalled and 30-year fixed mortgage rates have declined approximately 0.21% over the past two and a half weeks.
If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today details at: 262-563-4026