The National Assn. of Realtors released April figures, and reported that pending home sales rose, as 1st time home buyers took advantage of the great affordability conditions in effect now. The Pending Home Sales Index in the South rose 8.5 percent to 93.2 in March and is 7.7 percent above a year ago.
Lawrence Yun, NAR chief economist, said it should take a few months for the market to gain momentum. "This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a downpayment," he said.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said the increase in buying power is quite remarkable. "Compared to a year ago, the typical family can pay much less in mortgage costs for the same home, or buy a better home without necessarily increasing their monthly payment," he said. "For buyers who've been on the sidelines and have good jobs, the market has never looked more favorable. Home ownership has always offered immediate benefits and long-term value, but the advantages in today's market are unique."
I've certainly seen this in our Ormond Beach and Daytona Beach real estate markets. Inventory decreased in April, and the number of homes under contract definitely rose. Visit the market pages of my web sites to get the details:
Ormond Beach numbers
Daytona Beach numbers
Contact me with questions about getting your $8,000 tax refund from the government, and other loan programs to help buyers.
Sherry Armstrong, Realtor
sherry@sherryarmstrong.com
386-679-3191
http://www.sherryarmstrong.com/
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