We are all a little anxious to find out what the spring market of 2019 will look like. New numbers from the National Association of Realtors prove home buyers are excited to get the spring season started. With a nearly 12 percent increase in the number of previously owned homes sold compared to the month before, February was the largest month-over-month improvement since 2015.
Lawrence Yun, NAR’s chief economist, says there’s a combination of factors helping push home sales upward. “A powerful combination of lower mortgage rates, more inventory, rising income, and higher consumer confidence is driving the sales rebound,” Yun said. And though home prices were 3.6 percent higher than they were at the same time last year, inventory was also up. If the improvement continues, it will help moderate future price increases.
Yun also says more new home construction is needed. “For sustained growth, significant construction of moderately priced homes is still needed,” he said. “More construction will help boost local economies and more home sales will help lessen wealth inequality as more households can enjoy in housing wealth gains. ” According to Yun, the typical homeowner has accumulated nearly $9,000 in housing equity over the past 12 months.
If you are in the market for a new home or looking to sell your current one contact one of our Don Peterson & Associates REALTORS® to discuss all of your real estate needs.
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Jennifer Bixby is the Broker for Don Peterson and Associates Real Estate, 100 E. 6th St. Jennifer can be reached at 402-721-9700 for answers to real estate questions or visit www.teambixby.com on the web.