This is a great testament that the national housing market is getting back on track and becoming increasingly stable.
If you're considering entering the market anytime soon as a buyer or seller, we encourage you to continue reading to learn more about this new trend.
The Latest Outlook from the Housing Market is Positive
Let's take a closer look at the recent report from the National Association of Realtors.
According to recent data, the pending home sales index (which is based on contract signings for purchases of previously owned homes) increased 1.1 percent to a seasonally adjusted level of 108.6 in March.
This is also higher than in February, when the level was 107.4.
And evidently, the increase in the home sales index is higher than many economists surveyed by the Wall Street Journal thought it would be. They had expected the increase to be 1 percent.
Here are some additional highlights from the recent report:
- When comparing March 2014 to March 2015, the index increased 11.1 percent.
- Completed existing-home sales increased 6.1 percent in March. This increase followed two months in which the gains were lackluster.
- And although sales of newly built single-family homes decreased from February to March, they increased almost 20 percent from the sales pace of a year ago.
- The average interest rate for a 30-year fixed-rate mortgage was 3.77 percent in March, which is slightly above the previous month but also down from a year earlier.
- And pending sales of existing homes increased in the South and the West during the month of March, but decreased in the Northeast and Midwest.
- Meanwhile, markets across the country are seeing home prices increase.
Experts believe that low housing inventory have driven prices up on existing homes. And while that has helped to close the gap in cost between newer homes (which are typically more expensive) and previously-owned homes, existing home sales still account for roughly 90 percent of the overall market.
Will These Positive Housing Market Trends Continue?
Check back with us soon to see if national real estate activity continues on this upward trend or takes a dip.
Having the most up-to-date market data is critical to ensuring a successful outcome as a buyer or seller. That's why we hope you'll check back here again soon for the most up-to-date information on the market possible.