Housing prices, sales, optimistic for home buyers
Posted on Friday, June 28, 2013 at 9:23:47 AM
Rising housing prices may begin to level out, a reflection of the quality housing market. In the wake of a historic crash, both mortgage rates and home prices rose across the U.S. The increase signals a return to strength for real estate, and an optimistic future.
Nin-Hai Tseng, a Fortune economics and finance writer, attributed the steadying prices to more jobs and a surplus of homes for sale, in a CNN Money report.
This spring, home prices reached a five-year high, according to Standard and Poor's Home Price Index. The dramatic rise made a leveling-out inevitable, it was just a matter of when. The steady prices should come as a sign of encouragement for home buyers, many of whom are looking into residential financing.
The recent events within the housing market have inspired many people to buy, in order to get great deals on mortgage rates and home prices, according to a Forbes report. Overall, the market has been positive, especially for buyers.
National Association of Realtors' data indicates that home sales are increasing as well. The Pending Home Sales index predicts future contract signings, and there was a 6.7 percent rise to 112.3 percent in the month of May. Those numbers are also 12.1 percent above May 2012.
The strong trend for the housing market is a good sign for all buyers interested in residential financing.