Unique Original Articles » New Homes and Existing Home Sales Increase

Sales of new and existing home sales were up in March, the latest month of official sales data reports reflecting a constant yet uneven recovery from a sales bottom last July according to the National Association of Realtors.


In response to the homebuyer tax credit, sales were at elevated levels from March through June of 2010. Those who took the credit did worse than if they had waited a few more months and secured the subsequently much lower rates months following. Completed resale home sale transactions including single family, townhomes, and condos increased 3.7 percent to a seasonally adjusted annual rate of over five million in March from a revised 4.92 million in February, but 6.2 percent below the 5.4 million pace recorded in March 2010.
With the employment condition slowly improving with increased affordability metrics, Builders’ Realty Council projects modest improvements into 2012 but not every month will improve due to some buyers are finding it too difficult to obtain a mortgage thanks to a few members in congress “Frankly” among others. Monthly mortgage payments as a percent of income have been at record lows for those who qualify.

The U.S. Commerce Department reported that in March, Sales of newly built, single-family homes rose slightly over 11 percent to a seasonally adjusted annual rate of approximately 300,000 units. The increase somewhat offsets a big loss that occurred in new home sales in February when activity hit record lows owing partly to poor weather conditions.


Pending homes under contract which is represented by transactions contracted but not yet settled were also up in March. According to the National Association of Realtors, pending sales rose 5.1 percent from the previous month.


Along with weaker local economic data reports on business conditions and house prices, the mortgage rate dip follows lower Treasury bond yields. Housing decisions are continuously affected by declining home prices and a high level of foreclosures in certain areas of the nation.
National trends, however, are challenged by the Washington DC metropolitan area. Resulting from positive supply and demand housing situation, both home and rental prices are enjoying precipitous increase.





Article Source: JS2 Article Submission Software