Existing-home sales rose 3.7% in March to 5.1 million. This is still lower than March 2010 sales but the home buying tax credit was in place at that time so the numbers are a bit skewed. Home sales have risen six out of the last eight months!
Per the NAR’s housing affordability index, “the typical monthly mortgage principal and interest payment for the purchase of a median-priced existing home is only 13% of gross household income, the lowest since records began in 1970.”
It might be a slow incline, but it looks like real estate is at least on its way back up!
-Betsy, Atkinson-Thompson Group