Housing sales in March were at a double digit pace of increase over both last month and March of last year. This represents the 3rd consecutive double digit monthly increase.
In fact a combination of closed transactions and those under contract, but not yet closed, represents true market activity. And for the 1st Quarter of 2013 they are the best they’ve been in 3 years, a 26% increase over 2012 and a whopping increase of 47% over 2011.
Total units pending continue their upward trend and are a very strong indicator of continued robust activity in the market.
This news on the health of the real estate market is welcome economic stimulus news to our region’s economy. Based on our National Association of REALTORS® formula our market performance so far in 2013 has helped create more than 150 new jobs. And over time record sales will pump hundreds of thousands of dollars into badly needed capital infusion projects.
A snapshot of our market these days shows:
- 4 years worth of pent up buyer demand
- Mortgage rates at historic lows
- Inventory is decreasing
- New foreclosures entering market at 6 yr. low
- Return to mortgage qualifications of:
- 20% down
- Great credit
- Housing is a great hedge against inflation
The above information is derived from the High Point Regional Association of REALTORS, Inc