After reporting an overall decline in sales over the past couple of weeks, we finally have some good news. The housing market is beginning to stabilize after more than two months on the decline.
"A rebound in contract signings for the purchase of previously owned homes shows housing demand is stabilizing after a three-month downturn, National Association of Realtors figures released Monday showed," according National Mortgage News.
These new figures put 2017 in a good standing to meet the average of 2016. Meanwhile, the report also claimed that the residential real estate market in particular is on the rise.
"Housing remains driven by trade-up purchasers who have taken advantage of low mortgage rates and are taking in stride higher asking prices," according to the report.
"Limited choices of cheaper properties, however, are hindering entry-level buyers."
While this is a very pleasant sign for mortgage professionals, the numbers are still a bit lower than they would like it to be. Read more about the stabilization of the housing sales market by clicking on the image above.