New Home Sales were up 12.3% in February compared to a year ago. After a super big hike in January, new home sales fell slightly in February, but they’re still at a 411,000 annual rate. Plus, the median price of new homes sold was up 2.9% versus a year ago, with the average price up an impressive 14.5%!
Speaking of prices, check out the closely watched Case-Shiller index of home prices in the 20 largest metros. Up 1% in January, prices are now up 8.1% over a year ago. That’s the largest annual gain in over 6 years! The chief economist at an online real estate site observed, “We’re seeing prices increase both in markets that had a really big decline during the bust, as well as markets that have really strong fundamentals.” Finally, Pending Home Sales in February were at their second-highest level in nearly three years, up 8.4% over a year ago, although slipping a tad for the month.
Interest rates are up to 3.65% for a 30 year fixed, conventional mortgage with 20% down. Still excellent rates for purchasing within the Geneva Lake Resort communities.
