For the first time this year, home sales have risen nationwide. October was the first month this year when home sales increased compared to a year ago, showing a 2.5% increase.
Sales of existing homes increased 1.5% to a seasonally adjusted annual rate of 5.26 million in October, the National Association of Realtors recently reported. That number is up from 5.18 million in the previous month of September.
Though they’ve been lower compared to a three-year gain after the recession, analysts hope to see the number rise going into 2015. Harsh winter months in early 2014 slowed sales coming into the new year, but with record-low mortgage interest rates and the availability of some great homes (especially in the Puget Sound area), this is the perfect time to find a new home before the rapid buying season of the summer months sets in once again.
Lower mortgage rates means increased affordability, hovering around 4%, which is down about half a percentage point since January. It’s still a buyer’s market, but reports suggest that home sales could improve overall for the year in 2015, driving prices and perhaps even interest rates up. The National Association of Home Builders/Wells Fargo index rose to 58 percent in November, up from 54 the previous month. This signals that sales of newly built homes will improve in the next six months. Generally, ratings above 50 indicate that more builders consider home sale conditions more favorable rather than poor.
Also, the Commerce Department recently reported that applications for building permits rose 4.8% in October to 1.08 million, suggesting that construction may increase in the next year.
Take advantage of great mortgage interest rates and consider a brand-new construction as your dream home! Each of our homes comes with a 2-10 Home Buyers Warranty and our currently available homes are move-in ready – no waiting! Contact us today or browse our available homes here!
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