The number of homes under contract rose just a bit last month as homebuyers got a boost from falling mortgage interest rates and a larger selection of homes for sale, according to the NATIONAL ASSOCIATION OF REALTORS’® Pending Home Sales Index.
A gradual uptrend in home sales is expected, according to NAR Chief Economist Lawrence Yun. “Higher inventory levels are giving buyers more choice, and a slight decline in mortgage interest rates this spring is raising prospective homebuyers’ confidence,” he said. “An uptrend in closed sales is expected, although some months will encounter a modest setback.”
Yun projects the 30-year, fixed-rate mortgage will rise to 5.5% next year. “The extent to which higher mortgage interest rates will impact housing affordability and sales depends on income growth, ongoing improvement in the labor market, and any change to mortgage underwriting conditions,” he said.
He also expects the national median existing-home price to rise 5%-6% this year, and in the range of 4%-5% in 2015.
Pending Home Sales by Region
Under-Contract Homes Up Slightly in April as Buyers Find More Choice
http://feedproxy.google.com/~r/houselogic_blog/~3/nGAPecJlU6E/
HouseLogic.com Blog
Latest entries on the HouseLogic.com Blog.
Be a good neighbor and share this:
CBR, SRES - Licensed Real Estate Salesperson
Phone: 516.849.5895 | [email protected]
As an experienced professional Neil will do the leg work, keeping you up-to-date with new listings and the various market conditions that may impact the home purchase process. Sellers can also benefit from his skills in finance, negotiation, contractual agreements, and RE marketing. Call today and allow Neil to guide you through the complexities of buying or selling your home, eliminating hassles, and stress.
Member of:
National Association of Realtors
Long Island Board of Realtors
Multiple listing service of long Island
New York State Association of Realtors