May’s “This Month in Real Estate” report can be accessed by clicking here. Check back over the next few days for June’s “This Month in Real Estate” video, which will feature the latest real estate news and updates directly from KWRI.
Here is a snippet of the report:
The housing market and the overall economy are improving at modest rates nationally, and in some areas they have actually gained momentum. The Conference Board’s CEO confidence index is up a notable 14 points—from 49 last quarter to a current reading of 63. A reading of 50 is the threshold above which indicates an optimistic outlook and below indicates pessimism. Rapidly growing optimism is a good sign for future hiring and growth.
As always, for all of your real estate needs, contact us today!
According to the National Association of REALTORS®, pending home sales increased in February with notable regional variations.
The numbers are based off of the Pending Home Sales Index, a forward-looking indicator.
February hit 90.8 percent, up from 88.9 in January.
Although this month-to-month trend is promising, NAR Chief Economist Lawrence Yun said that it is more important to look at the broader trend for housing recovery.
“Month-to-month movements can be instructive, but in this uneven recovery it’s important to look at the longer term performance. Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines.”
– Lawrence Yun, NAR Chief Economist
Yun also said we may not see notable gains in existing home sales in the near-term. However, numbers are expected to rise 5 to 10 percent this year with the economic recovery, job creation, and excellent affordability rasing buyer confidence.
Interested in buying or selling your home? Contact us today for more information!
Both existing and new construction homes are seeing drastic cuts in pricing as sellers attempt to stay competitive.
Lawrence Yun, chief economist for the National Association of REALTORS®, offered a simple explanation for the bargain prices.
“After three years of the housing downturn, people are becoming much more realistic in terms of valuing their homes,” he said.
With the weather improving, now is a great time to buy or sell a home! Contact us today for more information.
August’s edition of the “This Month In Real Estate” newsletter has been released. Read about the state of home sales, the continuing trend of low mortgage interest rates, and more by clicking here. As always, for more information on buying or selling a home in the greater Lafayette, IN area, visit our website.