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Peoples Home Equity was very happy to see weekly home sales increase for the second consecutive week, according to DQnews.com. The data announcement signifies a reversal to a long term strong downtrend that began back in 2013.
DQnews.com released their weekly “National Home Sales Snapshot” on Thursday, April 3rd which showed that both home sales and prices rose week over week. Home sales rose 4.3% while home price increased 0.5%. The more exciting data point was that home sales increased for the second week in a row. This has not occurred for many months. In just the past 3 months home sales have shown increases 3, subsequently only to be followed by declines… Thus, last Thursday’s home sale snapshot was a positive significant break to a trend that has been downward sloping since September 2013. Peoples Home Equity is expecting to see further increase in home sales, especially in the Midwest as the climate warms. Real estate activity in terms of listings, mortgage applications, and construction should all surge soon in the coming weeks.
Home prices rose for the third consecutive week. Home prices posted the highest 3 year percentage change for the past 6 weeks at 25%. Prices have significantly outperformed home sales since September 2013. While home prices remain 11.2% higher than year ago levels, home sales are down -6.7% from year ago levels. Just a reminder, home sales were pretty dismal in the early spring of 2013 as well, thus one may assume just how bad they have become this year. Peoples Home Equity does not see the gap between home sales and prices narrowing until more housing inventory is released onto the market. Thus, the lender is always carefully watching new home sales as they are critical to the housing recovery and putting the market supply and demand back into equilibrium.
Readers should note that if and when home sales continue their rise, then mortgage rates will probably increase higher. Thus, it’s a good idea to apply and get approved for a fixed rate mortgage now.
In the meantime, stay tuned to DQnews.com as the data provider will release its next weekly National Home Sales Snapshot" this Thursday, April 10th.
If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today details at: (262)-563-4026