The housing market has experienced a progressive positive upswing for the past 60 days. According to Tuesday’s digital edition of The Atlanta Business Chronicle, lower prices and attractive mortgage rates are breathing new life into housing, with one measure of sales posting its fourth increase in the last five months. Pending sales of existing homes, or contracts signed but not closed, rose 6.7 percent in April, according to the National Association of Realtors.
April’s pending sales were up 3.2 percent from a year ago, the NAR says. The biggest increase in April was in the Northeast, where pending sales jumped 32.6 percent from the previous month.
The California market has seen home prices tick upwards which is a great sign for the region. As we know, every trend starts on the West coast and then heads our way. Belinda Sward, with Strategic Solutions Alliance, is working in markets all over the country and reports that many markets have bottomed out.
Any positive signs in the media will help the housing market. I am happy to see good news being published. The $8,000 tax credit has also done a great deal to help generate sales and our clients have seen a lot of positive impact. This news is the shot in the arm that our industry needs. Several months of increase indicates a trend, not a blip!