According to new reports and data, existing home sales in Encinitas and across the United States have seen an increase above what was forecasted.
NAR (The National Association of Realtors), announced today that for May 2013 existing home sales were up 4.2% across the nation, which not only put the number of previously occupied home sales at 5.18 million for the month, but also above previously stated estimates. The last time that existing home sales exceeded 5 million was in November 2009, roughly 3 1/2 years ago.
The pace of sales across the United States has steadily risen roughly 13% over the last twelve months, nearing the rate of 5.5 million sales that is common in healthy markets. In addition, median home prices were at their highest levels in almost 5 years at $208,000.
In Encinitas the market is staying consistently strong: Week-over-week numbers from Trulia show that the average listing price has increased roughly 4.5%; Year-over-year numbers for median sales price on a home for sale in Encinitas saw an increase of almost 10% to $692,500, as well as an increase in the number of sales up 11.8%.
Anyone following the real estate market knows that low inventory and mortgage rates have resulted in higher sales prices, but this news has additional implications for the economy and housing market; the Federal Reserve has announced its brightened outlook on the economy and the builder sentiment index from the National Association of Home Builders and Wells Fargo is at its highest in seven years.
While mortgage rate increases have the potential to slow some of the housing market recovery, this is still one of the most opportune times to enter into the real estate market and take advantage of these benefits with Realtor in Encinitas.