May 2012 home sales surge
Posted on Tuesday, June 26, 2012 at 10:03:58 AM
According to the U.S. Commerce Department, May home sales have reached a one-year high. Sales have increased 7.6 percent to a seasonally adjusted 369,000-unit annual rate, the highest level seen since April 2010, Reuters reports.
This is higher than the forecasted sales unit rate of 346,000 that was based on the April 343,000 unit rate. These figures and others indicate an improving economy. Potential homebuyers may find now a good time to buy a property.
A majority of lenders are approving residential financing applications, mortgage interest rates are at historic lows and inventory in a majority of cities is high. The housing market is showing progress and is expected to contribute to the nation’s gross domestic product (GDP) for the first time since 2005, according to the news source.
As the economy continues to make progress, more Americans may want to consider filing mortgage applications and shopping the market for a new home. The number of affordable properties has grown, and home financing is available for those meeting lenders’ requirements.