That’s because sales of existing U.S. homes showed a slight increase between March and April, reversing a 12-month trend in which home purchases had been dropping.
This wasn’t the only good news that the National Association of Realtors had to share, either.
Experts Encouraged By Recent Sales Data for National Housing Market
Here are some of the highlights of the recent report from the National Association of Realtors:
- Home sales increased 1.3 percent from March to a seasonally adjusted annual rate of 4.65 million.
- The purchase of homes over the last 12 months had dropped 6.8 percent before April’s numbers were released.
- The majority of gains were concentrated in the condominium market, which saw 7.3 percent growth.
- Meanwhile, sales of single-family homes were up 0.5 percent during the month of April.
- Still, home buying is significantly below its 2013 rate, which is when 5.1 million existing homes were purchased. And that’s still far below the 5.5 million rate that usually indicates a healthy market.
- Median home prices increased 5.2 percent to $201,700 in April, which was the slowest increase since March 2012.
- Home buying increased in the West and the South, although they mostly decreased in the Midwest and remained flat in the Northeast.
- Home sales continued to decrease for homes priced below $250,000, although they continued to increase for those homes priced above $750,000.
- First time home buyers represented 29 percent of all sales, which is far below the historical average of 40 percent.
- Average rates for fixed, 30-year mortgages were around 4.2 percent recently, compared to 3.51 percent a year ago.
Experts say that sales may have been higher had it not been for a few confounding factors, such as snowstorms and brutal cold weather in the Midwest and Northeast during the first couple of months of 2014.
Other factors include higher home prices and rising interest rates.
Still, experts remain optimistic. For instance, the April report indicated that more home sellers are listing their properties on the market. In fact, the market has a 5.9 month supply of homes right now, which is up from 5.2 a year ago.
Keeping You Informed on National Developments
We love getting the opportunity to share some positive news about the national housing market with you and we hope you’re as encouraged by the recent data as we are.
Check back here soon for more updates on the current state of the national housing market and how it may impact your efforts as a buyer or seller.
If you want a glaring example of how steaming hot the Jersey City condo market is right now, look no further than the condos of 77 Hudson located in Jersey City, NJ. Located in the Paulus Hook neighborhood, this condo high-rise is the definition of luxury. From the heart-stopping lobby to the rooftop landscaped park, you’ll find all that you need and much, much more as a resident here.
Floor to ceiling windows beckon in sunlight and a round-the-clock concierge awaits your every need. Add to that the convenience of NY water taxi, ferries, the NJ Turnpike, and Newark Liberty International Airport and it’s no wonder these condos are selling at a record pace.
Now’s The Time
With prices ranging from the low 300’s to to well over $4 million, you’ll find a wonderfully wide range of floor plans and amenities to cater to your tastes. To read about 77 Hudson is one thing, but, to see it is to be absolutely blown away.
Whether you’re ready for this best-selling property or if you’re a condo buyer searching the many other available listings in the area, I’ll be here looking forward to partner with you to match you and your new home. My name is Walter Burns and it would be my pleasure to represent you in your next condo purchase.
Until my next post,