25 Mar 2014

Homes Under Contract Hold Steady Despite Bad Weather, Tight Credit

0 Comment

The real estate market held steady in January, although homebuyers continued to struggle with tight credit, a lack of inventory, and frigid winter weather. The number of homes under contract to sell but not yet closed was essentially unchanged from December 2013, data from the NATIONAL ASSOCIATION OF REALTORS® shows. Monthly gains in the South and Northeast were offset by declines in the West and Midwest.

“Ongoing disruptive weather patterns in much of the U.S. inhibited home shopping,” said NAR Chief Economist Lawrence Yun. “Limited inventory also is playing a role, especially in the West, while credit remains tight and affordability isn’t as favorable as it was a year ago.”

Existing-home sales are expected to be weak in the first quarter, but home prices will rise because many markets have tilted in favor of sellers. “Increasing new home construction can quickly solve two problems, producing more inventory and taming price growth,” Yun said.

The pace of home sales should pick up in the middle part of the year, he added.

Total existing-home sales are projected to top 5 million in 2014, slightly below the volume recorded last year. The national median existing-home price is forecast to grow in the range of 5%-6% this year.

Regional Pending Home Sales


Related:
The Scam Getting People to Pay Too Much for Their Home Deed

Homes Under Contract Hold Steady Despite Bad Weather, Tight Credit
http://feedproxy.google.com/~r/houselogic_blog/~3/Je0E3m5WeQ0/
HouseLogic.com Blog
Latest entries on the HouseLogic.com Blog.

Neil Gortler on EmailNeil Gortler on FacebookNeil Gortler on LinkedinNeil Gortler on RssNeil Gortler on Twitter
Neil Gortler
CBR, SRES - Licensed Real Estate Salesperson

Phone: 516.849.5895 | neil@neilgortler.com

As an experienced professional Neil will do the leg work, keeping you up-to-date with new listings and the various market conditions that may impact the home purchase process. Sellers can also benefit from his skills in finance, negotiation, contractual agreements, and RE marketing. Call today and allow Neil to guide you through the complexities of buying or selling your home, eliminating hassles, and stress.

Member of:
National Association of Realtors
Long Island Board of Realtors
Multiple listing service of long Island
New York State Association of Realtors
[top]

Leave a Reply

Your email address will not be published. Required fields are marked *

X

B L O G          LISTINGS/SOLD PROPERTIES       TESTIMONIALS       SEARCH MLS      T&C-DCMA         CONTACT

¤