For the first time in 5 months, the sales of previously owned homes climbed during December, capping the best year since 2006 and indicating that the real-estate market is starting to adjust to higher borrowing costs. This rise could be the cause of rising property values, a decline in consumer debt, as well as employment growth, predicting a rise in demand for new construction and improvements that would boost the GDP in 2014. Reflecting this growth in sales, the median price rose 9.9% between December 2012 and December 2013, with a 11.5% increase for all of 2013, according to reports. Mortgage rates have also increased to an average of 4.39% on a 30 year fixed mortgage.
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