Housing Market looking Up
There was positive news in the housing market last week as sales of both new and existing homes showed solid increases in the most recent reporting periods. The Commerce Department reported that sales of new homes were up 27 percent in March and are at their highest sales levels since last summer.
On Thursday, the National Association of Realtors reported that sales of existing homes had risen 6.8 percent which is welcome news for both home sellers and real estate agents.
Buyers have been opening their wallets more and more this spring as retail sales have been strong in the last 2 months and auto sales set records in March for both domestic and foreign manufacturers.
In the housing market buyers seem to be moving ahead with their purchases to take advantage of the expiring tax credit and bargain housing prices both from new home builders and existing home sellers. Buyers are also still enjoying low mortgage rates which are coming at the right time for the housing market.
Remember, the Home Buyer Tax Credit will be expiring this spring meaning all buyers must be under contract by April 30th.
