Housing Market Adjusts… Outlook for another better year!

2014 Looks Like A Better Year

A total of 5.09 million U.S. previously owned houses were sold in 2013 compared with 4.66 million the prior year and the most since 2006, today’s report from the real-estate agents’ group showed.

Purchases reached a 5.39 million annualized pace in July and August, a four-year high, before a jump in mortgage rates hurt demand.  The average rate for a 30-year fixed mortgage was 4.39 percent this week, up from 3.35 percent in early May, according to Freddie Mac data released today.

Existing-home sales, which are tabulated when a purchase contract closes, are recovering from a 13-year low of 4.11 million in 2008 after reaching a record 7.08 million in 2005.

The median forecast of 76 economists in a Bloomberg survey projected sales would reach a 4.93 million rate last month. Estimates ranged from 4.8 million to 5.1 million. November’s figure was revised to 4.82 million from a previously reported 4.9 million.

Positive forecasts of a better 2014 on the way!!

Salee Zawerbek, Your Personal Real Estate Consultant For LIFE!

SOURCE:  BLOOMBERG

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