Knowing that rates are on the rise has caused a 6.5% jump in sales for previously owned homes in the month of July.
The National Association of Realtors also noted that this is the first time sales have been above the 5 million mark for three consecutive years since July 2007. Sales are up by 17% from a year ago & the median sales price is up 10% from July 2012.
Rates are on the rise & purchases are increasing. If you are in the market to buy, there is no need to wait-buy now.
Freddie Mac's most recent market survey shows that the average 30-year mortgage rate has risen again. A year ago the average weekly 30-year rate was 3.55% and the average 15-year rate was 2.83%. Now, Freddie Mac shows that the average 30-year average is 4.39%.
"Mortgage rates rose slightly leading up to the Federal Reserve's monetary policy statement this week,” said Freddie Mac vice president, Frank Nothaft. The Fed did indicate that the economic situation has expanded at a modest pace, but unemployment rates are still elevated.
Rates were declining some last week, but as of today they are on the rise again.
Sales of previously owned homes has increased from the prior month by 4.2%. The National Association of Realtors stated Thursday that the sales of previously owned homes increased from the previous month of April.
Not only has the sales increased, but so has the median price of home sales. The median price this May is $208,000 which is a 15% increase from last May.
Foreclosure and short sales accounted for an 18% of this May's sales. This is the lowest percentage of foreclosures and short sales since October of 2008!
Now is the time to buy!
"Once Dying, Birmingham Is Suddenly Hot" says the New York Times. It is exciting to hear the great news for the city of Birmingham.
Once Dying, Birmingham Is Suddenly Hot
Daniel DiGuglielmo - NMLS # 267473E-mail: Daniel@DineroAndSense.com100 Century Park South, STE 200Birmingham, AL 35226 Phone: 205-908-3587 Fax: 205-823-5403