Existing home sales are bouncing back after dropping last November, according to HousingWire, and that means great things for buyers, Realtors® and everyone else associated with the housing industry.
What Happened With Existing Home Sales?
The National Association of Realtors® released data earlier this year that shows more buyers reached the market before the end of 2015, and delayed closings actually completed in December due to the TRID calendar.
The statistics on total existing home sales include completed transactions on:
- Single-family homes
- Condominiums and co-ops
NAR Chief Economist Lawrence Yun believes that the end of 2015 was just as healthy, growth-wise, as the rest of the year was.
“While the carryover of November’s delayed transactions into December contributed greatly to the sharp increase, the overall pace taken together indicates sales these last two months maintained the healthy level of activity seen in most of 2015,” said Yun. “Additionally, the prospect of higher mortgage rates in coming months and warm November and December weather allowed more homes to close before the end of the year.”
How First-Time Buyers Were Affected in 2015
Rising rents and home prices, which are occurring all over the nation, held back first-time buyers during 2015. While the outlook is similar this year, it’s not all bad—Yun says that there are other factors at play.
“While these headwinds show little signs of abating, the cumulative effect of strong job growth in recent years and young renters’ overwhelming interest to own a home should lead to a modest uptick in first-time buyer activity in 2016,” says Yun.
Are You a Realtor® Who Needs a Reliable Title Company?
At Smart Title and Escrow, we’ve established our business on a client-first model. Our clients come first, no matter what—and that’s part of the reason people keep choosing us to help them with their real estate transactions.
Find out how we can help you, too, by calling 615-393-6222 or contacting us online. We have offices in the Franklin/Cool Springs area, Midtown Nashville and Murfreesboro for your convenience.