February market looks good
February existing-home sales declined 0.9% compared to January 2012, but are 8.8% higher than February 2011.
Lawrence Yun, NAR chief economist, said underlying factors are much better compared to one year ago. “The market is trending up unevenly, with record high consumer buying power and sustained job gains giving buyers the confidence they need to get into the market,” he said. “Although relatively unusual, there will be rising demand for both rental space and homeownership this year. The great suppression in household formation during the past four years was unsustainable, and a pent-up demand could burst forth from the improving economy.”
The national average interest rate for a 30-year, conventional, fixed-rate mortgage was a record low 3.89% in February, down from 3.92 percent in January; the rate was 4.95 percent in February 2011.
Scott Deaton summary: “It’s a great time to sell! It’s a great time to buy!”
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