The housing market remains a hot topic in the news, and it can be a bit confusing to understand what’s really going on with interest rates and home prices. The solution? Three easy-to-understand graphs!
Here, Team Nest Builder shares data along with a quote from chief economists who have their finger on the pulse of what each graph illustrates.
“The real estate market is thawing in response to the sustained decline in mortgage rates and rebound in consumer confidence – two of the most important drivers of home sales. Rising sales demand coupled with more inventory than previous spring seasons suggests that the housing market is in the early stages of regaining momentum.” – Sam Khater, Chief Economist at Freddie Mac
“A powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound.” – Lawrence Yun, Chief Economist at NAR
“Price growth has been too strong for several years, fueled in part by abnormally low interest rates. A mild deceleration in home sales and Home Price Index growth is actually healthy, because it will calm excessive price growth — which has pushed many markets, particularly in the West, into overvalued territory.” – Ralph DeFranco, Global Chief Economist at Arch Capital Services Inc.
These three graphs indicate good news for the spring housing market! Interest rates are low, income is rising, and home prices have experienced mild deceleration over the last 9 months. If you are considering buying a home or selling your house, now’s the time! Call Team Nest Builder’s Lynn Garafola at 973-222-3777 to start your 10 steps to buying a New Jersey home TODAY! Start searching for your New Jersey home now at TeamNestBuilder.com. Want more info? Click HERE to download our FREE 2019 Spring Home Buyer Guide, or HERE to download our FREE 2019 Spring Home Seller Guide!