Although May’s employment growth of 2.5 million jobs, pushing unemployment to 13.3% from 14.7%, was good news, there’s a ways to go to for a full recovery. However, the housing market is rebounding surprisingly well.
Check out some encouraging statistics for the housing market
- 5 point increase in Home Purchase Sentiment Index (HPSI) Survey April-May
- 52% of people who think it’s a good time to buy a home according to HPSI
- 32% of people who think it’s a good time to sell a home according to HPSI
There is still a tight market supply for homes helping to create the demand
- 8% decrease in pending home sales March to April
- 8% year over year decrease in pending home sales as of April
- 9% decrease in existing home sales March to April
- 2% year over year decrease in existing home sales
Sellers are seeing positive news as well
- 27 is the average number of days on the market
- -2 change in average number of days on market from March
- 2.5 is the average number of offers that sellers received
- 22% of sellers offered incentives
- +2% change in percentage of sellers who offered incentive from March
Find out more by talking with GO Mortgage today.
Source: National Association of Realtors®, CoreLogic, Mortgage Bankers Association, Freddie Mac, Altisource
