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Peoples Home Equity was happy to see a 2.8% rise in a weekly home sale announcement. This news marks the 12th time in the past 13 weeks where sales have increased.
As reported in Thursday's "National Home Sales Snapshot" weekly home sales rose 2.8% while median home prices also rose 0.9%. Still the margin between last years and they year weekly home sales remained the same as last week at -2.5%. Meanwhile, median home prices slowed to being up just 5.5% above last year's figures rather than 5.6% the week prior. Peoples Home Equity thinks the market is seeing a slowing of rising home prices and a continuation of rising home sales. home sales have a chance of surprising both the market and Fed Chair Janet Yellen by surpassing 2013's peak in sales volume which was approximately 270,000. Current home sales in the last 30 days have averaged at approximately 240,000. Median home prices currently valued at $229,000 have already climbed above 2013's prices which were $217,000.
In a June 25th release by Peoples Home Equity titled "New Home Sales Surge 18.5% In May" the lender was highlighted as focusing more attention on weekly home sales rather than monthly. Weekly home sales serve as a leading indicator which can give a market barometer much sooner than monthly pending home sales or existing home sales. By following weekly home sales Peoples Home Equity can better forecast their expected figures based on these weekly home sale numbers. Readers should pay attention to weekly home sales as it can be telling of where mortgage rates may be headed. Currently, home buyers are catching a break by seeing rates falls recently and home price slow. However, Peoples Home Equity expects the long term to show a much different picture with higher rates and prices to come. To hedge against interest rates risk, prospective home buyers should make sure they have secured a home loan first now purchasing a home become possibly less affordable.
If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer at: 262-563-4026