First-time home buyers tired of paying rent and eager to use their new found employment to save for down payment and purchase a low priced home.
Chicago, IL (PRWEB) January 04, 2015
Lenders like Peoples Home Equity were pleased to see the latest performance in weekly median home sales, prices, and mortgage applications.
According to DQnews.com’s latest “National Home Sales Snapshot” which tracks median home prices and prices over the last 30 days, both sales and prices rise 0.6% week-over-week. These data increase servers as a refreshing pause from large declines in home sales over the past 2 weeks. Median home sales prices rose for the first time after 5 weeks of unchanged performance. Of particular note is what weekly median home sales increased 0.4% versus a year ago, and prices increase 0.6% versus a year ago. Now median home sale are 2.8% versus a year ago and prices are 2.9% over a year ago.
TradingEconomics.com shows that mortgage Applications rose 0.9% for the week ending on December 24th. 30-year fixed mortgage rates also fell to their lowest level of 2014, at 4.02% which was a great way to finish the year for home loan applicants looking to lock in a great rate.
Peoples Home Equity thinks this past week of housing data explicitly shows of strength of America’s housing market this winter. This strength is due to multiple reasons. First-time home buyers tired of paying rent and eager to use their new found employment to save for down payment and purchase a low priced home. In addition, mortgage rates are at historical lows and home prices are trending higher so there is a sense of urgency that now is a great time to buy before US real estate becomes expensive.
Peoples Home Equity wishes everyone a wonderful holiday season and a Happy New Year. If in need of a mortgage this winter season, contact a Peoples Home Equity loan officer today at: 262-563-4026