Economic Gains Push Demand Levels Higher
The economy has been stabilizing, causing an uptick in demand levels. As a result, home sales are on the rise and gaining steam, according to a recent report.
"A measure of contract signings to buy existing homes rose in December for a third month, giving sales some momentum at the start of 2018, according to data released Wednesday by the National Association of Realtors," reported National Mortgage News.
"The index rose 0.5% month-over-month (matching the estimate) after an upwardly revised 0.3% increase —the highest level since March. The gauge decreased 1.8% year-over-year on unadjusted basis after rising 0.6% in November."
That being said, buyers aren't looking to overpay in all areas. This is especially true if their desired home isn't on the table. Even with mortgage rates in the favor of the buyer, it is still a toss up as to whether or not a buyer wants to purchase a home they aren't 100% sure about.
To learn more about the economic impact on pending home sales, click on the image above.