Northeastern existing-home sales improve annually in September
Individuals looking to purchase a home in the Northeast had ample opportunity to do in recent months, as housing prices, inventory levels and sales all showed signs of strengthening. However, just because the summer buying season is over, doesn’t mean there aren’t still favorable deals available in the region. If you’re interested in acquiring a home in this area, you may be well positioned to do so – but you should act quickly, before current conditions change.
Boasting a handful of physical locations in numerous metropolitan areas along the East Coast – as well as the ability to originate home loans in 17 states – Poli Mortgage Group is a trusted authority in residential lending. Our workforce of Loan Officers has the experience needed to find you low rates, and the know-how required to set you up with a comfortable payment plan. Navigating the path to homeownership can be a difficult task to complete alone, but with our assistance, you can easily finance a residential transaction and quickly close on the house of your dreams.
During September, existing-home sales in the Northeast were observed at a seasonally adjusted annual rate of 690,000, according to the latest report from the National Association of Realtors. This figure represented a monthly decline of more than 2 percent from the total recorded in August, but marked a 15 percent uptick from the number of housing transactions finalized in September 2012.
In addition, the prices paid for all single-family homes, townhouses, co-ops and condominiums sold in the Northeast last month increased, the industry organization reported. The median amount recently paid by buyers for existing-homes in the region was $240,900, which is up more than 2 percent since the same time last year.
Mortgage rates, government shutdown could affect affordability
The sizable price appreciation can be a positive for both sellers and buyers, as it provides evidence that the area is continuing to make progress in the nation’s ongoing recovery efforts. And, NAR chief economist Lawrence Yun alluded to this fact, but warned that rising interest rates and the recent government shutdown may affect individuals’ abilities to buy homes in the coming months.
“Affordability has fallen to a five-year low as home price increases easily outpaced income growth,” said Yun. “Expected rising mortgage interest rates will further lower affordability in upcoming months. Next month we may see some delays associated with the government shutdown.”
NAR president Gary Thomas also touched upon this subject in the group’s latest release, explaining that delays in delivering tax transcripts that are integral to approving mortgage applications could have an impact on the number of closings featured in October’s monthly housing report.
Mortgage rates continue weekly upward movement
Along with home prices and sale figures, mortgage rates have also increased recently. Typical 30-year fixed-rate mortgages averaged 4.28 percent during the week ending Oct. 17, according to Freddie Mac’s latest Primary Mortgage Market Survey. This reading represented an uptick from the previous week’s 4.23 percent as well as the 3.37 percent average recorded during the same time last year. Meanwhile, 15-year FRMs moved up to 3.33 percent from the 3.31 percent observed the week prior and 2.66 percent a year ago.
While slightly higher than those enjoyed by borrowers in the not-too-distant-past, these rates are still largely beneficial to those interested in a residential property purchase, as they remain well below historical norms.
Are you finally ready to start heading down the path to homeownership? If so, you’re in luck, as there may be no better time than the present. You can begin the process by contacting Poli Mortgage Group and speaking with one of our Loan Officers to get the inside track on available mortgage rates and terms. Call us today at 866-353-7654 to learn more.