Weekly Home Sales Decline But Show Strength

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Peoples Home Equity comments on the latest "National Home Sales Snapshot" from DQnews.com

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The market is already realizing that this winter may be a battle to find a decently priced property given the limited supply offered.

Peoples Home Equity was not surprised to see weekly home sales fall for the 5th consecutive time but instead that they showed seasonal strength!

According to the Thursday, October 16 DQnews.com “National Home Sales Snapshot,” while weekly home sales fell -1.1% week-over-week, they’re just -1% below 2013 levels. Peoples Home Equity, which was disappointed throughout the summer to see that home sales never surpassed 2013 levels, has been expecting a stronger fall/winter season than past years. Demand for properties remains high and national inventories are low. This will probably cause less of a seasonal decline in home sales since there aren’t many properties listed to begin with! In addition, home prices may fall by less of a percentage than previous years due to the market demand outweighing supply. In fact, median home prices remained unchanged week-over-week versus the -1.1% decline seen in weekly home sales. The housing market may see a continuation of rising home prices into December if inventories dry up more than demand falls. This may well happen as many individuals may have been waiting for a bargain winter to purchase a property, only to find that many others have been waiting to do the same.

Peoples Home Equity strongly encourages those looking to purchase a property at a bargain this fall/winter to get approved for a home loan now. The market is already realizing that this winter may be a battle to find a decently priced property given the limited supply offered. Mortgage applications rose 5.6% on a seasonally adjusted basis for the week ending on October 10th. Individuals that applied last week knew that without a mortgage approval, one cannot bid on a property nor be taken seriously as a buyer, unless one intends to purchase with cash of course…. However, for the vast majority of first-time home buyers, obtaining financing is the first step. Let Peoples Home Equity help along the way. If you're unsure of whether a mortgage is the right path for you, please note, total mortgage payments + taxes + HOA fees for owning a home are often much less expensive than paying for rent. Use the “monthly payment calculator” on the Peoples Home Equity website to assist in showing you just how affordable a home loan can be.

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

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Giorgio U Ferrero
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