the downside risk to home prices falling seems to be very much limited.
Chicago, IL (PRWEB) January 11, 2015
Peoples Home Equity was pleased to see that median home sales fell just slightly over the past week, same with prices.
Winter is always the slump season in America’s housing market. However, a relative pause in the decline of median home sales has occurred over the past couple weeks. According to DQnews.com's latest "National Home Sales Snapshot" from 1/8, weekly home sales increase 0.6% from 12/25 to 1/1. This week sales declined 0.5% from 1/1 to 1/8. On a year ago basis however, sales have been improving since 12/18. On 12/18 median home sales were just 2.1% higher than a year ago, now they have climbed up to 3.1%.
National median home sales have held their ground unchanged at $225,000 ever since 12/4. Only once from 12/25 to 1/1 did sales increase 0.6%. Now prices have -0.6% back down to $225,000 for the week of 1/8. On a year-over-year basis, median home sale prices are just 2.3% higher; however the downside risk to home prices seems to be very much limited.
Peoples Home Equity has been expecting 2015 to be a strong year for both median home sales and prices thanks to the presence of first-time home buyers eager to purchase a home and stop paying rent! Frequently, it’s less expensive for tenets to pay a mortgage, association fees, taxes, and utilities rather than just continuing to pay their landlords. One can easily find out how much a monthly mortgage will cost by visiting PeoplesHomeEquity.com and clicking on “Monthly Payment Calculator” under the “Calculator” field. If one is unsure how much they can borrow for a mortgage there is also a calculator for estimating “How Much Can I Borrow?”
Contact a Peoples Home Equity loan officer today at: 262-563-4026