Home Sales Keep Rising - 10/14/09
For Immediate Release
8:00A.M. PT, October 14, 2009
Fredrick J. Bond, SVP/Mortgage Division Manager
(San Luis Obispo,
It’s the first time in five years that we’ve experienced that many consecutive month-to-month increases. And over the summer sales of existing homes were higher than they were a year ago.
“The housing market has decisively turned for the better,” says Lawrence Yun, NAR’s chief economist. “First-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales.”
NAR reports that higher sales are reducing the number of properties on the market. In June 2008 4.5 million houses were available for purchase in the U.S. But that inventory was cut to 3.8 million homes by June 2009.
Many of today’s homebuyers are being careful since they want to make sure their home payments are affordable over the long-term. Yet they’re still able to find a great property, and to purchase it with payments which fit into their budget.
Although different areas of the country are recovering at varying speeds, overall NAR predicts sales will continue rising through next year. Home values also will go up in 2010, according to NAR.
Low mortgage rates are helping to make all this possible. Now could be a great time for you to consider moving into a new house which you’ll enjoy for years!