median home prices also rose 1.4% to a 2014 high
Chicago, IL (PRWEB) May 24, 2014
For the 8 week in a row, home sales have increased. Peoples Home Equity continues to encourage prospective mortgage applicants get approved for a loan now while rates are relatively low.
According to Thursday, May 22nds “National Home Sales Snapshot” from DQnews.com, weekly home sales increased 1.6% from last week’s report. This announcement marks the 8th consecutive week home sales has risen and that is a huge boost of confidence for those who were wondering if seasonal demand would resume this year. Peoples Home Equity thinks that while home sales are still trending below year ago levels it does not mean that they cannot surpass last years peak in September 2013. Housing activity may just be beginning as banks/lenders are realizing that credit standards may need to be lowered to get more responsible American borrows into homes. Prices for home are still rising due to the low amount of supply offered. The median home prices also rose 1.4% to a 2014 high. In fact, median home prices are just 3% below their peak of 2013. However, as reflect in the current number of home sales, Americans are still willing to purchase a piece of real estate even at higher prices.
Peoples Home Equity is confident that both weekly home sales and median home prices will continue their trends uptrends into September just as they did in 2014. With mortgage rates at 2014 lows, Peoples Home Equity strongly encourages all prospective home buyers to at least get approved for a home loan so that they can make a bid a desired property quickly if necessary. Since housing inventories are low, home sellers a less tolerant of accepting finance bids versus cash. Thus, it helps to persuade home sellers to take a finance bid, if the buyer already has the funds ready from the bank for purchase.
If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today details at: 262-563-4026