The South performed the best by increasing 3.2%, the highest level since April 2010 and 9.7% above last January.
Chicago, IL (PRWEB) February 28, 2015
Lenders like Peoples Home Equity were pleased to see on Friday, February 27th that pending home sales climbed both on a monthly and yearly basis in January 2015.
According to the latest National Association of Realtors P ending Home Sales Index report which is “based on contract signings, climbed 1.7 percent to 104.2 in January from an upwardly revised 102.5 in December and is now 8.4 percent above January 2014 (96.1).” Further, “This marks the fifth consecutive month of year-over-year gains with each month accelerating the previous month's gain.”
Regionally, the pending home sales index rose 0.1% in the Northeast for January, 6.9% above a year ago. As for “the Midwest the index decreased 0.7 percent to 99.3 in January, but is 4.2 percent above January 2014.” The South performed the best by increasing 3.2%, the highest level since April 2010 and 9.7% above last January. Finally, “The index in the West rose 2.2 percent in January to 96.4 and is 11.4 percent above a year ago.”
Peoples Home Equity thought Lawrence Yun, chief economist at NAR, spoke positively about the housing market firstly stating “Contract activity is convincingly up compared to a year ago despite comparable inventory levels.” Secondly by saying “The difference this year is the positive factors supporting stronger sales, such as slightly improving credit conditions, more jobs and slower price growth.”
Peoples Home Equity strongly believes Americas improved labor market will have positive effects on its housing market throughout 2015. America’s youth are very eager to stop paying rent by getting approved for a home loan and purchasing a property. In many cases the total cost of a mortgage + property taxes + association fees is still lower than paying rent. It is only now that American’s youth have finally had a chance to earn, build credit, and save for a property down payment.
If in need of a mortgage, contact a Peoples Home Equity loan officer today at: 262-563-4026