Sales of new and existing-homes see increases in January
Posted on Monday, March 4, 2013 at 5:55:04 PM
An increasing number of consumers may have officially become first time home buyers at the beginning of 2013. As residential lending opportunities offer assistance to those looking to borrow, sales of both new and existing-homes rose in January.
According to the U.S. Census Bureau, 16 percent more newly-constructed single-family homes were sold during the first month of 2013 than the last month of 2012. Compared to January 2012, almost 29 percent more of the houses - a total of 437,000 - were sold recently, marking the fastest pace recorded since July 2008. In addition, every region of American experienced an uptick, and both median and average home prices improved during January.
Existing-home sales were equally as impressive, exhibiting an improvement of about 0.4 percent in January, settling at a seasonally adjusted annual rate of 4.92 million, the National Association of Realtors (NAR) reported. Inventories of the existing houses dropped by more than a quarter when compared to the same month last year, showing buyer demand may have jumped considerably.
"Buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly," said Lawrence Yun, NAR chief economist. "We've transitioned into a seller's market in much of the country."
Consumers looking to pursue homeownership may greatly benefit from researching residential financing options offered through the trusted lender Home Loan Investment Bank.