New homes market sales figures are making big news headlines today.
In May, sales of new U.S. single-family homes climbed to the highest level in six years. Perhaps even more impressively, the level of increase was the biggest since 1992 - the biggest monthly increase in 22 years!
Sales were up by 16.9% in comparison with May 2013.
This is all great news, of course, as it demonstrates that home buyers are out there in greater numbers than in recent months. It comes just a day after the announcement that May figures for sales of previously owned homes were at a three and a half year high.
Mortgage rates continue to remain very low and wise buyers are clearly recognizing the resulting superb home ownership prospects this summer. It's so important to remember that there are no guarantees that such attractive rates will last. Indeed, rates are significantly lower than experts predicted they would be, primarily due to the somewhat mixed national and international economic picture.
One of the key influences on rates are employment figures, which are continuing to improve. In normal circumstances, this would probably result in higher mortgage rates, but increasing international tensions this year have tended to keep investors in a cautious mood and thus more inclined to buy mortgage backed securities (MBS) than what are perceived as more riskier investments, helping to keep rates low.
Better employment prospects are also an important factor in increasing home buyer confidence, of course.
To summarize, right now is just a great time to be buying and/or selling. If a move is in your future, rest assured we'll be there to guide you every step of the way. Call us today and find out how.