March Home Sales Showed A Slight Dip
Compared to a year ago this time, home owners are feeling pretty happy. Home sales are up 10.3% from last year March, but we did see a slight dip in home prices this year from February to March. March home sale numbers came in slightly lower at 492,000, which is down 0.6% from February. Many factors have been driving the improvement in the housing market including fewer foreclosures, low interest rates for mortgages, higher home prices and a slightly improving unemployment rate. This rebound has made it much more appealing for homeowners and has created a seller’s market, rather than the buyer’s market of the last several years.
Was March Really A Rough Month For The Housing Market?
The housing report that came out Monday showed that sales of distressed homes fell to 21% of the market, which is down from 29% a year ago. Another major factor to consider, is that in spite of the fact home sales dipped slightly in March, the average price of the home sold in March was actually up 6% in February, and houses are only on the market an average of two months, in comparison with 90 days last year March.
For homeowners who have been sitting and waiting for the housing market to recover, now may be your chance. For the first time in years people are really turning their homes. There are also multiple bidders on individual homes, which drives the prices up.
As an investor, this should be encouraging because it is an indicator that things are slowly improving for the U.S. economy. Whether or not the housing market recovery is sustainable remains to be seen, but people should definitely not be discouraged about a slight dip in March. The stock market, and labor market and the housing market all indicate that small strides are being made in economic improvement. If you’re an investor that has hidden away your assets in a safe-haven investment over the tumultuous last several years, now may be the time to consider an entrance back into other more competitive investment options. For more information on how to invest in today’s recovering environment, speak to a Redhawk advisor near you today.