Weekly Home Sales Disappoint Despite Rise in Mortgage Applications

Peoples Home Equity comments on Thursday's "National Home Sales Snapshot" by DQnews.com

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Chicago, IL (PRWEB) September 04, 2014

Peoples Home Equity was quite disappointed in this week’s home sales report. Home sales decline which was not conducive to the 3 week consecutive rise in mortgage applications. Perhaps mortgage applicants are taking their time to find a home after being approved for a home loan.

On Thursday, September 4th, DQnews.com reported in its “National Home Sales Snapshot” that weekly home sales declined -0.8% to 262,841. Sales are now -4.3% below that of 2013. Meanwhile median home sale prices remained unchanged at 0% for the week at 3.3% above 2013.    

The reason why Peoples Home Equity expected to see a great weekly home sales report on Thursday was that mortgage applications have increased for the past 3 weeks. Such a strong rise in applications should translate to more home sales. However, the reality is that American’s might be taking their time to purchase a home, especially in a tight inventory environment. When supply is short, it makes sense that it takes individuals longer to decide what property fits their preference based on amenities and price.

Peoples Home Equity reminds readers that in a tight inventory environment, individuals who are fastest to make a bid on a home are usually the winners of the property. In order to make a bid, one must be pre-approved for a home loan. Peoples Home Equity is helping all prospective mortgage applicants get started in the pre-approval process with their “Home Loan Quick Qualifier” located such to the right on their home page. In addition, those curious may crutch the numbers through ha variety of mortgage calculators to see if they can afford a mortgage. Peoples Home Equity also has a mobile friendly site available as well.

Contact a Peoples Home Equity loan officer today at: 262-563-4026