According to Daily Real Estate News, Thursday, July 25, 2013, rising mortgage rates are showing no sign of derailing new-home sales. The Commerce Department reported that single-family new-home sales rose 8.3 percent in June to the highest level since May 2008. Additionally, they were up 38.1 percent compared to June of last year which was the largest year-over-year increase since January 1992.
Some analysts have been concerned that home sales would slow, but according to Bob Walters, chief economist at Quicken Loans in Detroit “the recent increase in mortgage rates hasn’t slowed demand as long as home affordability remains high. We are, however, seeing an increased urgency from potential new home buyers as they move to secure today’s historically low rates.”
The National Association of Home Builders reported that inventory of new homes for sale in June fell to a “razor thin” 3.9-monthy supply which pushed up home prices 7.4 percent compared to a year ago. Firming prices, shrinking inventories of homes for sale, and improving local economies have convinced many that now is the time to make a move.
At North Eastern Group Realty, we are prepared to assist our clients with their significant Fort Wayne real estate decisions. Our corporate commitment is to provide real knowledge, proven experience and professional, quality service. To search all Fort Wayne Homes for Sale or find a Fort Wayne REALTOR®, visit our website at NorthEasternGroup.com.
North Eastern Group Realty is Fort Wayne’s largest independent real estate company located at 10808 La Cabreah Lane, Fort Wayne, IN 46845.
Thank-you to Darrell Jaggers from Centier Bank for taking time educate our real estate team about the changes in banking that may be coming in 2014 and would significantly impact the buyers that we are helping to purchase homes. Since the financial crisis of 2007 & 2008 and the wave of home foreclosures that followed,...
As a part of North Eastern Group Realty's ongoing commitment to education, Doug Keys from Global Home Warranty Group educated the REALTORS® on Global's home inspection service option and highlighted new changes to their warranty plans that will soon to be released. A home warranty can be an important part of the home buying process,...