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Real Estate Market

March 2016: Existing Home Sales Report

Nationally, sales of existing homes inched ahead in January, hitting the highest annual level in six months. According to the National Association of Realtors®, below-average housing inventory levels propelled price growth to the swiftest increase since April of 2015.

Total existing-home sales (transactions for single-family homes, townhomes, condos and co-ops) moved slightly ahead by 0.4% to a seasonally adjusted annual rate of 5.47 million in January from a downwardly revised 5.45 million in December. Sales are now 11.0% above 2015.

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NAR's chief economist, Lawrence Yun, said that existing sales launched 2016 solidly, rising slightly to the fastest pace seen since July 2015 (5.48 million). Yun noted, "The housing market has shown promising resilience in recent months, but home prices are still rising too fast because of ongoing supply constraints," adding that, "despite the global economic slowdown, the housing sector continues to recover and will likely help the U.S. economy avoid a recession."

Housing Data Takeaways

What's Your Credit Score?

Your credit score is a composite snapshot of your credit history. A high credit score takes time to cultivate, and is not likely to rise much in a short period of time. Generally speaking, you want to make sure you pay your bills on time, keep outstanding debt levels to a reasonable amount for each account, and avoid closing accounts you've successfully paid-off and managed. Don't lose hope if you have less than perfect credit, there are still good loan programs out there for responsible borrowers. We have a list of preferred local lenders who can help you find the best financing programs for your specific needs.

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Here are some great resources to learn more about credit scores, and to get a free credit score and report:

Investing in Real Estate

Today's low interest rates and stabilized home prices have created some great investment opportunities! Investing in real estate has unique advantages over other types of investments:

Many investors are taking advantage of these great market conditions. Have questions? Give us a call. We are happy to help!

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