sales had a year-over-year gain of 5.3 percent
Chicago, IL (PRWEB) March 05, 2015
While the weather has been a prime factor in decreasing home sales, The Federal Savings Bank thinks solid numbers could indicate a strong season in the spring. New single-family home sales in January reached 481,000 units, a 0.2 percent drop from December 2014, according to the U.S. Census Bureau. Although sales declined slightly following huge snowfall in parts of the country, especially in the Northeast, the latest January sales had a year-over-year gain of 5.3 percent.
The Census Bureau noted that there are 5.4 months worth of inventory on the market, according to its sales pace.
With enough inventory to last until spring, the buying season during warmer weather and boosted by an improving economy could result in even greater sales of new single-family homes, the National Association of Home Builders indicated.
"In a promising sign, new home sales have been trending at post-recession highs for the past two months," David Crowe, chief economist for NAHB, said in a statement. "As the economy strengthens and mortgage rates remain low, we can expect continued upward movement in the housing market this year."
The Federal Savings Bank is in full agreement with these words especially regarding first-time home buyers hoping to get approved for a home loan as soon as possible to buy a property and stop paying rent.
Buyers interested in buying a new single-family home can contact the Federal Savings Bank, a veteran owned bank, to learn more about mortgages.