Although it was not hit as hard during the recession as other areas of the country, the Northeast has made significant progress in the ongoing recovery over the last year. As mortgage rates remain below their historic norms, and housing markets in the region continue to show signs of sustained improvement, an increasing number of consumers may be looking to purchase a home in the coming months.

Since Poli Mortgage Group was founded in 2001, we have written more than $11 billion in residential loans for thousands of homebuyersup and down the East Coast. Our expansive team of Loan Officers work around the clock to serve our valued clients, finding them low rates and securing affordable mortgages. If you’re planning on buying a house in the near future, you can benefit by contacting us, but should do so soon, as prices and rates could tick up further and affect your affordability.

Substantial widespread improvement was observed throughout residential sectors in the Northeast last month, as existing-home sales were logged at an annual rate of 710,000, according to the National Association of Realtors. While this figure showed no change between July and August, it was nearly 13 percent higher than the total recorded during the same time last year.

Meanwhile, the region experienced an appreciation in home prices. The industry organization noted that the median sale price in August was $268,800, which represented a year-over-year jump of almost 8 percent.

Regional numbers mirror national totals
The figures seen in the Northeast last month were very similar to the national averages reported by the NAR. Across the country, existing-home sales rose nearly 2 percent from July to total 5.48 million in August. This marked the highest level reached in six-and-a-half years, and showed an annual improvement of more than 13 percent. In addition, the nationwide median sales price was $212,000 in August, which was more than 14 percent above its amount in 2012.

NAR chief economist Lawrence Yun said that the recent increases in sales and prices are largely positive, and point toward a successful summer purchasing season. However, he warned that going forward, the number of residential transactions may experience a slowdown.

“Rising mortgage interest rates pushed more buyers to close deals, but monthly sales are likely to be uneven in the months ahead from several market frictions,” Yun said. “Tight inventory is limiting choices in many areas, higher mortgage interest rates mean affordability isn’t as favorable as it was, and restrictive mortgage lending standards are keeping some otherwise qualified buyers from completing a purchase.”

Interested in capitalizing on current conditions? Poli Mortgage Group can help you get started. To speak with an experienced housing professional with knowledge about your specific area, call 866-353-7654 today.