2013 showed the highest sales in home sales across the nation since the “boom year” of 2006. Homeowners sold 5 million homes in 2013, which was a nice jump from 2012, and as stated, the biggest number for U.S. home sales since 2006.
It seems like right now is a great time to buy a home. Mortgage rates are still low, and even hit another two-month low recently. The report from the National Association of Realtors showed that there were 5.1 million previously owned homes sold in the year, up 9.2 percent from 2012 and up nearly 20 percent from 2011.
While the economy is still in recovery, and will be for some time (this is just fact), home prices and sales seem to be doing very well.
Causes of Record Home Sales
Realtors attributed the full-year gain to rising prices, lower unemployment, a drop in foreclosures and pent-up demand, as well as mortgage rates that are still low by historical standards, even with the steady increases most of the year. The pent up demand for home sales is more than likely the thing driving the market most. Families and individuals are dying to by homes right now, especially with mortgage rates so low. People see that housing prices are steady and doing well, so this is a good sign that it is time to buy again.
U.S. Median Home Prices in 2013
The median price of a home sold in the year was $197,100, up 11.4 percent from the previous year. Rising prices have reduced the number of homeowners who owe more on their mortgage than their home is worth, helping to bring more buyers into the market. Tight supplies of homes for sale are keeping prices high, as the report showed less than a five-month supply at the end of the year.
Is now the perfect time for you to buy? Why don’t you take a look at your options? Contact Tiare Fullerton now and see what all is available to you.