If a prospective buyer wants to get a head start on home shopping they better apply for a home loan and get pre-approved now.
Chicago, IL (PRWEB) April 02, 2015
Lenders like Peoples Home Equity were excited today to see the latest weekly home sales figures from DQnews.com.
According to today’s “National Home Sales Snapshot” from DQnews.com, weekly home sales increased 5.1% to a pace of 177,666 over the past 30 days while median home sale prices increase 0.9% to $225,000. Peoples Home Equity was expecting a subsequent rise in sales since the lender commented on last week’s report by saying “Peoples Home Equity thinks market spectators will witness an increase in home sales the next two weeks thanks to the recent 9.5% surge in mortgage applications for the week ending on March 27th.”
Annually, weekly home sales are now 4.8% higher versus a year ago; this is higher than 3.5% higher than a year ago last week. Median home sale prices are 4.7% higher than a year ago which is actually lower than where they were last week at 5.2% versus a year ago. Looking at a longer period of performance, home sales are 12.9% higher than 3 years ago, and median home sale prices are 31.2% than 3 years ago.
The increase in weekly home sales is so drastic, Peoples Home Equity reminds prospective home buyers that affordability will decline quite soon moving into the summer. In addition, the Federal Reserve may raise interest rates in June causing rates on home loans to rise overnight. If a prospective buyer wants to get a head start on home shopping they better apply for a home loan and get pre-approved now. America’s real estate inventories are already low, with more applicants and home sales comes more competition for the same property.
If interested in purchasing a property and are in in need of a mortgage, consider speaking to a Peoples Home Equity loan officer today at: 262-563-4026