Housing Market Pace Nationwide, existing home sales bounced up 2 % this month. Each month, the National Association of Realtors tracks the number of existing homes sold. They "annualize" the sales figures, calculating what the number of this month's sales would be on an annual basis. Then, they make further adjustments, taking into account seasonal factors (such as weather and school). |  |
Breaking things down, the seasonally-adjusted annual sales home rose 14.29% in the Northeast, 7.63% Midwest, 3.14% West, and fell 4.23% in he South. Some experts think that you get a more accurate picture by comparing last year's figures to this year. Using that model, sales were up 7.54% over a year ago. Sales in local communities will vary depending on local factors. Contact me to find out what is going on in your neighborhood. |
February figures were released by the National Association of Realtors on March 24. March figures will be released near the end of April. |
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| Good Economy or Bad? Depending on who you listen to, the economy is either doing great or doing terrible. Bad economic news keeps interest rates down, which keeps rates low, which makes homes more affordable, which means more people want to buy homes.
So if this is a terrible economy, it has been good for homeowners and home buyers. On the other hand, if the economy is doing great, then we should be seeing the other things we've been seeing. High GDP growth, more purchasing by businesses, stock market increases during the last year, and... eventually, the lagging indicator...new jobs. And interest rates go up. Except interest rates haven't been going up.
Which leads most experts a little amazed. As a recovery takes hold, interest rates generally rise on their own. So is the economy doing great or doing poorly? Don't ask a politician. |
Rate Outlook Unless there is a surprise in the job growth figures, rates should remain stable. |
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Average House values Average sales increased 7.3% nationally over the last twelve months. By region, the Northeast increased in value by 10.54%, West 9.55%, Midwest 5.41%, with the South showing an increase of 4.86%. | 
| When looking at the graph, don't focus on the month-to-month gyrations. Compare this year to last year. | |
