First quarter homes sales strong
Posted on Wednesday, April 25, 2012 at 8:19:10 AM
Increased home sales represented the improving economy in the first quarter of 2012. According to Commerce Department data released today, houses sold at an annual rate of 328,000, and while down from the unusually high February pace of 353,000, it was still much higher than the forecasted 319,000, reports Business Week.
All over the nation, local real estate experts are seeing increased competition for properties, driven by a decrease in mortgage rates, reduced home prices and improving job outlook. Therefore, potential homebuyers are being lured to open houses with the promise of affordable ownership.
In addition, residential financing options are becoming more available to consumers who have good credit scores and can make significant down payments.
"Housing is going to gradually dig out of this deep hole because the job market is going to be firming," Ryan Sweet, a senior economist at Moody’s Analytics Inc. in West Chester, Pennsylvania, the only analyst to correctly forecast the sales pace, told the news source.
Consider checking out local MLS listings in your metro area to find a property that fits your needs.