The market has been strong all year so far in 2015, but another recent surge in home sales has resulted in a more substantial spring market than before. With a jump of 6.1% in home sales since February, it has resulted in the highest annual rate in the past 18 months.
April has been the 6th consecutive month that has seen an increase. A big contribution of this was from the 10.4% raise in sales of single-family homes, condominiums, town-homes, and co-ops from this time in 2014. Another large input was from this being the largest year-over-year increase since August of 2013.
With all of this said, there’s a main factor that needs to be addressed. The stockpile of existing homes on the market has grown to 2 million homes which is a 5.3% gain for the month and a 2% gain from this time last year. This isn’t necessary a discouraging thing. This is a great time for first-time home buyers to enter the market as sellers will need to be more confident in selling their home, not as picky in offers, and more willing to sell faster as they look for a new home with more options on the market.
Here’s a look at how the different regions of the US match up to each other: The Northeast saw an increase of 6.9% in sales to an annual rate of 620,000; the Midwest saw an increase of 10.1% to an annual rate of 1.2 million; the South saw a growth of 3.8% to an annual rate of 2.19 million; and the West grew 6.3% to an annual rate of 1.18 million.
Either way you look at it, the market this spring is strong and looks as if it will continue to stay that way. Keep an eye on your area as homes on the market are increasing along with an increase in buyers.