April 2014: Pending Home Sales The Highest In Nine Months For Arizona & Southwest

The number of homes that went under contract rose in March, marking the first gain in nine months, the National Association of Realtors reported.

Pending home sales — a forward-looking indicator based on contract signings — climbed 3.4 percent from February to March, but were down 7.9 percent from the same time a year ago, according to NAR.

 

“After a dismal winter, more buyers got an opportunity to look at homes last month and are beginning to make contract offers,” said NAR Chief Economist Lawrence Yun. “Sales activity is expected to steadily pick up as more inventory reaches the market, and from ongoing job creation in the economy.”

Pending home sales in the Northeast increased 1.4 percent in March, slipped 0.8 percent in the Midwest, rose 5.6 percent in the South and increased 5.7 percent in the West.

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courtesy reprint of inman news, house sale increase

More Homes On The Market Is Improvement For Buyers

The number of homes for sale and the amount of time they’d typically been on the market both increased in March, “welcome signs” for spring buyers, realtor.com reported today.

The number of homes listed for sale on realtor.com rose 5.3 percent from February to March and 9.5 percent from a year ago, to 1.84 million.

In addition to enjoying a wider selection of homes, buyers also now appear to have more breathing room. The median age of inventory was up 22.9 percent from a year ago, to 102 days, down 10.5 percent from February.

The larger amount of inventory and slower selling times could make homes more affordable in some markets and reduce the frequency of bidding wars, realtor.com said.

“While inventory is still low, the continuing annual lift in the number of homes on the market that we’ve seen over the first months of 2014 is an indicator that buying conditions this year may be notably improved from the frenzied pace of last spring,” said Steve Berkowitz, CEO of realtor.com operator Move, in a statement.

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*courtesy of inman news

Gilbert Arizona Home Buyers - April 17th 2014 Average 30-year mortgage rate falls to 4.27%

Good News For Arizona Home Buyers In Gilbert, Chandler, Mesa, Tempe, Phoenix
Fantastic Rates For Your New Home Purchase Are Available!

Average U.S. rates on fixed mortgages fell this week for the second straight week as the spring home-buying season begins.

Mortgage buyer Freddie Mac said Thursday that the average rate for the 30-year loan fell to 4.27% from 4.34% last week. The average for the 15-year mortgage eased to 3.33% from 3.38%.

Mortgage rates have risen about a full percentage point since hitting record lows about a year ago.

Many analysts have been expecting an improving economy to lift the housing market, which has been recovering over the past two years. But housing has struggled to maintain momentum. Rising home prices and higher mortgage rates have held back some potential home buyers. Others have had trouble qualifying for mortgages. Read More Here

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reprint from USA Today 4/17/14

March 2014 Real Estate Market Stats For Maricopa County, Phoenix, South East Valley, Arizona

Maricopa Real Estate Market - March 2014 Statistics

Things Are Looking Good
The market has picked up with total re-sales in Maricopa County for March at  5,984. That’s up over 1,000 from February but down over 2,000 homes(-25%) from last year!  REO closed was 392 which is 7% and short sales closed was 256 which is 4%. Normal sales closed were 5,336 which represents 89%. Pending inventory rose to 9,912. REO pending was at 572 which is 6% and short sales are at 1,670 which is 17% and normal sales pending at 6,671 which is 77%. Active inventory for Maricopa County remained flat at 22,313. REO active is 794 which is 4% and short sales are at 784 which is 4% and normal listings are at 20,763 which represents 92%.

Laura Ters, HomeSmart Realty, is YOUR destination for real estate in the southeast valley, Gilbert, Chandler, Mesa, Ahwatukee, Tempe. 
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