Housing and the economy is gaining momentum after a dismal winter. Sales of existing homes are at their fastest pace in six months and sales of new homes are at a six year high. U.S. consumer confidence is also at a six year high with more households feeling optimistic about the labor market.
Home prices continued to rise in April although at a slower pace, 10.8% annual growth vs 12.4% in March. While slower price appreciation isn’t the best news for current homeowners, it is helping to boost purchasing power for many homebuyers.
More good news for homebuyers in the market is that the inventory of existing homes for sale is increasing and is at the highest level in almost two years. While inventory is still tight there are still many opportunities for home buyers right now, especially because mortgage rates have been relatively steady which helps out with affordability.
For more information about the current market contact me today, I am here to help!