When weather patterns turn bad, real estate industry pundits tend to gloom, assuming that potential home buyers are bothered by a little frozen precipitation. The nation will unfreeze, inventory is expected to rise, and home sales are widely expected to increase. New listings were up 7.5%, pending sales increased 54.7%, and inventory shrank 15.1%. Prices moved higher as Median Sales Price was up 1.4% to $212,000. Days on market decreased. 21.8% in 68 days and months supply of inventory was down 25.9% to 4.3 months.
In national financial news, rumors that Fannie Mae and Freddy Mac could one day be a thing of the past have people wondering about the future of the 30-year fixed rate mortgage. A drastic change to lending’s gold standard is certainly not on the immediate horizon. Meanwhile, Federal Reserve Chair Janet Yellen seems to have no immediate interest in raising rates for the first time since 2006. The economy remains stable, which should keep housing rolling through the short-names months.
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