The U.S. housing market is heating up. So says the National Association of Realtors.
Lawrence Yun, chief economist for N.A.R., says “an improved job market and low mortgage rates are boosting buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years.”
Existing home sales rose 6.1% in March, and climbed 6.3% in the West. The national median price for an existing home was $212,100, up 7.8% from last year.
At the same time, the National Association of Home Builders “sentiment index” rose four points to 56, highest level since January. Anything over 50 indicates more builders view sales conditions are good, rather than poor.
I know in my county, as I drive around, I see a fair amount of new residential construction going on, along with a tremendous amount of freeway upgrades/construction.
This should instill confidence in all of us. The note industry is having a fantastic year and helping lots of sellers get very competitive prices for their notes. Most of these sellers are buying another property with the cash proceeds, helping our housing market even further.