Real Estate Market on the Rise

While some market outlooks have been grim, the Real Estate market is welcoming a warm front. Sales, home prices and contracts on properties are on the rise while interest rates are on the decline, all which can contribute to a positive swing in the Real Estate market.

This was the 7th month straight that pending home sales have risen, the longest streak since 2001. Pending home sales increased 6.4% since August. This figure measures the number of homes under contract and is an important indication of where home sales are headed.

Home sales increased 8.2% in the Northeast, 7.6% in the Midwest, and 16% in the Western States.

Good news also comes from the Commerce Department, which reports that home sales are up seven tenths of a percent nationwide.

According to the Case-Shiller Price index, prices have increased the most in the past month, with an 1.6% increase. L.A and D.C. had 1.8% increases, San Francisco 3.3%, Chicago 2.7% and Minneapolis up 4.6%

In addition to prices increasing, mortgage rates have been decreasing, coming in at 4.9% for 30 Year fixed rates and 4.3% for 15 year fixed rates. If they continue on this pattern, rates will be at a 40 year low, which will not only increase home sales but also refinances.

This is good news on many different fronts of the Real Estate market and hopefully will continue to improve the market conditions.

Joan Rogliano has been practicing real estate for 25 years. She is a Certified Luxury Home Marketing Specialist and a Certified Real Estate Divorce Specialist.
Information taken from article: Real Estate Outlook: Sales Stats and Rates by Kenneth R. Harney