Peoples Home Equity expects to see weekly home sales begin to rise aggressively again by late march.
Chicago, IL (PRWEB) March 01, 2015
Peoples Home Equity was a bit disappointed for DQnews.com’s latest “National Home Sales Snapshot” released on Thursday, February 26th. Weekly median home sales fell -4,044 to a pace of 172,408. On a positive note, sales remain 2.8% higher than a year ago (at 167,735) and 15.3% higher than 3 years ago (at 149,535). Sales remain well under the national cycle higher of 339,669 during June 2006, and above the cycle low of 124,051 during January 2009.
Median home sale prices remained unchanged on a weekly basis at $220,000. This is 4.8% higher than last year at $210,000 and 29.4% higher than 3 years ago at $170,000. Prices remain -20% below the housing cycle higher of $275,000 during June 2006, and 30.5% above the cycle low in March 2012 when national home price bottomed.
Looking forward, Peoples Home Equity expects a large boost in home sales this spring and summer. Currently the market is in its winter seasonal slump due to cold weather and tax season. After Americans are have completed their 2014 taxes proving their new found jobs/higher earnings to lenders there will be an abundance of pre-approved home buyers. Peoples Home Equity expects to see weekly home sales begin to rise aggressively again by late march. The lender does not see any downside risk just yet in median home sale prices because there is so much demand and such little supply available that a market imbalance is still in place. First-time home buyers can still find bargains for properties, especially in Midwest cities; however in areas like San Francisco, Denver, and Dallas, prices have already climbed above pre-crisis levels. Of course ever city also has their distinct neighborhoods varying by price, on a general level; the Midwest is currently showing the best value properties.
If in need of a mortgage, contact a Peoples Home Equity loan officer today at: 262-563-4026