April 13th, 2017 6:21 PM by Nour Ailan
The year kicked off with buyers across the country racing to lock in rising mortgage rates and close on homes—except in one surprising region.
Sales of existing homes, which have previously been lived in, rose 3.3% from December to January, according to the most recent National Association of Realtors® report. The 5.69 million purchases also represented a 3.8% increase from January of 2016.
Those are the seasonally adjusted numbers, which are smoothed out over a 12-month period to account for seasonal fluctuations in market activity.
Joe Kirchner, doesn’t anticipate that the throngs of buyers descending on the market will slow any time soon.
“I don’t think we’re going to see any huge increases in sales, but I don’t think we’re going to see any big declines,” he says. “The economy is still strong and we have job growth.” This means more people have the means to become homeowners.
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