Existing home sales may be slightly down from this time last year, but thanks to other positive changes in the market, experts remain optimistic about the spring selling market.
In a recent article in REALTOR Magazine, Lawrence Yun, Chief Economist for the National Association of Realtors®, said that despite the recent dip in home sales (existing home sales dropped 0.4% from March to April and are down 4.4% from April 2018), other indicators in the market point towards sales moderating soon. “First, we are seeing historically low mortgage rates combined with a pent-up demand to buy, so buyers will look to take advantage of these conditions,” says Yun in the article. “Also, job creation is improving, causing wage growth to align with home price growth, which helps affordability and will help spur more home sales.”
If you’re selling your home, don’t be alarmed by the slight dip in existing home sales. The positive conditions in the market (including low mortgage rates and a strong economy) should make for a healthy spring (and summer!) selling season.