Housing market turns corner as temperatures rise
Posted on Wednesday, May 21, 2014 at 9:42:44 AM
This winter has been particularly tough on the housing market, including those interested in affordable residential financing. However, conditions have started to improve, and this is good news for all those looking to purchase a new home in the coming months.
According to Redfin, April figures have indicated improving home sales, rising home prices and a growing inventory - all signs of a stronger real estate segment. For sellers, many expect the number of interested buyers to increase, driving up competition and providing more opportunities for higher asking prices. Across the country, the best states for home sales were California, Phoenix and Florida.
In addition, Zillow reported that the housing market has become less favorable to first-time homebuyers. While conditions are getting better, inventory is still down, and fewer options have priced some novice parties out of contention. In many metropolitan areas, inventory is the tightest for affordable properties, or exactly the ones first-timers would be interested in. These trends have emerged thanks to high negative equity, preventing many current owners from listing their properties on the market.