New and Existing Home Sales Remain Solid

Source: Michelle Wicketts, Senior Loan Originator, Axia Home Loans

 

Existing Homes Sales hit 10-year highs, the National Association of REALTORS reported. January Existing Home Sales surged by 5.69 million annualized units, up 3.3 percent from December to highs not seen since February 2007. All major regions across the nation saw gains, with the exception of the Midwest. The median existing home price rose 7.1 percent from January 2016. Overall inventory of existing homes remained low, however, at just a 3.6-month supply.

New Home Sales rebounded in January. The Commerce Department reported New Home Sales rose 3.7 percent from December to an annual rate of 555,000. The increase was below the 566,000 expected, but it comes after a 7 percent decline in December. Sales also were up 5.5 percent from January 2016. The median sale price was up 7 percent from a year ago. Inventories were unchanged at a near-normal 5.7 months’ supply.

For those in the market for a new or existing home, home loan rates remain in historically low territory despite the volatility in Stock and Bond markets over the last few weeks.

If you or someone you know has any questions about current home loan rates or products, please don’t hesitate to contact me.

Michelle Wickett
Senior Loan Originator
Axia Home Loans
Phone: (360) 791-0513

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