U.S. Home Sales highest in the past decade
Do you remember how crazy the market was in 2006 – 2007? Home sales and home prices were incredibly high by historical standards right before the big crash in 2008. This time is different though because the home sales are not built on a house of cards full of bad loans and subprime borrowers. The numbers are backed by a truly strong economy which means we are now seeing the beginning or end of a bubble or a potential bursting of that bubble.
In March, the annual median price of a home was $236,400, up 6.8 percent from March 2016. The overall housing inventory increased by 5.8 percent to 1.83 million existing homes for sale, but was still down by nearly 7 percent compared to a year ago, NAR said.
The unsold inventory was at a 3.8-months supply, which was unchanged from February. The annual pace of sales was up over last year in all regions; However, sales declined over the month in the West region, which has seen the fastest price gains.
Read more of this blog post on our Private Money blog.
2017 is off to a great start and the true buying season hasn’t even started. As always, I can’t wait for summer to begin, but now I have even more of a reason to enjoy the 2nd and third quarters. Let’s ride this wave together!
Don’t believe me? Don’t just take my word for it. Check these out here as well.
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