Upward Trend For Home Resales Last Winter

According to an article printed in the Los Angeles Times newspaper, it seems that this past winter has had the best home resales since the economic crisis began five years ago. The U.S. home sales are on the up rise, which is a great outlook for our future.

During this time, mortgage rates have been at historic lows, around four percent or lower, which has been a great buying power for home buyers.

According to the article, our best winter home resales occurred in these past two months.

The last time we saw sales this high was in May of 2010 when first time homebuyers were receiving the tax credit for purchasing homes.

Overall, the great news is that our market is trending upward according to economists.

However, we are still not where we should be in order to be counted as a healthy market, but hopefully we will reach there soon. Foreclosure levels are still high in areas in the U.S.

In addition to the sales trend moving upwards, the average home price in the U.S. has also increased. The article states, “The median sale price of homes rose for the first time in four months in February, to $156,000. And the supply of homes on the market increased more than 4% in February to 2.43 million, which could signal that more homeowners became confident in the housing market.”

Another trend we may begin seeing is new homes being built. Due to the upward trend in the housing market over the past six months, home builders have begun requesting permits again in order to begin building.

The article closes discussing the downward trend of first time homebuyers. A healthy market consists of 40% of purchases being made by first time homebuyers. We are currently trending around 32%. We are not quite there, but hopefully with interest rates staying low, and the confidence of homebuyers increasing, we can reach that level sooner than later.