U.S Home Sales Up in January & Continue to Heat Up
March 20, 2017
Did you know, as per a recent survey by Bankrate.com, 1 in 4 adults are considering buying a home this year? That equates to roughly 59 million people. Are you one of them? Millennials and Gen-Xers, which ranges from 27 to 52 years old, are showing readiness to become homeowners or upgrade to a larger or newer home. However, some people think that that isn’t possible with the rising rates and uptick in home prices. While many think that rising costs and rising rates have caused sales to slow, the numbers prove otherwise.
2017 kicked off with buyers across the country racing to lock their rates and close on homes before the feds hiked rates. Sales of existing homes rose 3.3% from December to January, according to the National Association of Realtors report. January saw 5.69 million purchases, which also represented a nearly a 4% increase from the year before, January 2016.
As 2017 saw a stark increase in home sells, many professionals do not think that the market will slow down any time soon. The economy is still strong, coupled with job growth, means more people have the means to become homeowners.
Prices of existing single-family homes were down 1.8% from December, but up a whopping 7.3% from a year ago. However, prices in the Northeast rose 5.3% and were up 6.7% annually.
Improved consumer confidence at the end of 2016 proved to have sparked considerable interest in buying a home and competition will continue to heat up as we head into Spring.