Sales of previously occupied U.S. homes rose again last month, a sign that the strong momentum in housing markets from 2020 may continue this year.
Sales of existing homes in the United States rose 0.6% in January from the previous month to a seasonally adjusted rate of 6.69 million units annualized, the National Association of Realtors said on Friday. Sales jumped 23.7% from the previous year. This was the highest sales pace since October and the second since 2006.
House prices have also gone up. The median price of homes in the United States was $ 303,900 in January, a 14.1% increase from the previous year. Prices have increased in all parts of the country.
The burning housing market has left the number of properties available for sale at record levels. The main driver of house prices was the shortage of homes for sale.
Sales could easily have been even higher by 20% if there had been more inventory and more choice, ”said Lawrence Yun, chief economist of NAR.
At the end of January, there was an all-time low of 1.04 million homes for sale nationwide, down 1.9% from December and 26% from January 2020, NAR said. At the current pace of sales, this represents a supply of 1.9 months, compared to 3.1 months in January 2020.
Highlighting the competitiveness of the housing market last month, 71% of homes sold in January had been on the market for less than a month. And the properties were generally purchased within 21 days for the fifth consecutive month, NAR said.
The days in the market continue to be very quick, Yun said. No winter slowdown.
The housing market has made a comeback since last summer after dropping sharply in the spring when the coronavirus outbreak hit. Sales jumped last year to their highest level since 2006 at the height of the real estate boom.
Several market trends are helping to drive strong demand for homeownership. Mortgage rates remain at historically low levels. Americans forced to work from home during the pandemic are looking for bigger homes. And more millennials are now entering the market.
This dynamic in demand, combined with the very low number of homes for sale, is setting the stage for a very competitive home buying season this spring.
It’s not just a seller’s market, it’s a super seller’s market, said Odeta Kushi, deputy chief economist at First American. It is an incredibly competitive home buying environment.
If the economy improves as coronavirus vaccines become more widely available, economists predict the housing market will continue to ride a strong wave of demand this year, even though mortgage rates are expected to rise slightly from relative at record lows.
The average 30-year benchmark fixed-rate home loan rate has risen to 2.81% this week from last weeks 2.73%, according to mortgage buyer Freddie Mac. A year ago, the rate was 3.49%.
The 10-year Treasury yield, which can influence interest rates on mortgages, rose sharply this week as Wall Street considers the possibility of higher inflation as the economy is expected to recover foot in the second half of this year.
NAR’s Yun expects the 30-year average mortgage rate to rise, possibly reaching 3% by the middle of the year.
This would be considered historically favorable, he said.
Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]