New Home Sales Reach 2 year High
Pending home sales rose in July, August, and then again in September, although just barely. These trends have continued to lead experts to believe that the housing/real estate market is on the mend. Although, there is also much skepticism surrounding the industry, and experts are not willing to say that the market is out of the woods. However, yesterday more good news was released from the real estate industry that gives more indicators the market is on the rebound, both in Olympia and the U.S.
The Seattle Times released an article today that shows new-home sales have reached a new two and a half year high in the United States. The Commerce Department reported on October 24th that new-home sales rose to 389,000 up from 368,00 in August a gain of 5.7%. The highest new home sales have been since the middle of 2010. WIth boosts from increase in economic growth and low interest rates, the real estate market as a whole is up over last year by 27%, but as a whole, sales are still below the level that would have experts calling for a full market comeback.
As the market appears to continue take a turn in the right direction, we are starting an increase in home prices, all be it a small one, but the supply still seems to be low. Experts also believe that mortgage rates will not drop any lower, so if you are sitting on the fence about when is the right time to buy in Olympia, now may be the time.