The latest real estate news remains positive!
The housing market has shown increased improvements over the past year. These improvements are visible in a variety of statistics, including those related to the increased number of home sales.
According to a report at Realtor.com, the number of pending home sales in May increased by 6.7 percent from those seen in April with a total increase of 12.1 percent this year. That’s the largest increase for the housing market since 2006! It also marks the 25th consecutive month in which there was an annual increase reported.
According to the National Association of Realtors, prices are projected to rise approximately 10 percent from those in 2012 by the end of the year. This rise could be the result of buyers hoping to take advantage of current prices before potential increases in mortgage interest rates. Despite those probable increases, buyers will likely continue to rise in the market by the end of the year. Even with the predicted higher interest rates, prices will still be more affordable than those that were in place prior to the financial downturn. The price increases aren’t all bad either because they’re likely to encourage potential sellers and loosen the demand that has been building among buyers for some time.