The housing market is “on a sustained growth path,” according to the latest economic outlook by Fannie Mae’s Economic & Strategic Research Group.
“One of the key developments for the housing market last year was the general consensus that home prices, on a national basis, bottomed earlier in the year and continued to build momentum, exhibiting robust year-over-year gains unseen since the housing boom,” according to the report.
Housing inventories are at the lowest since December 1994 and fewer distressed homes have helped to lift home prices, according to Fannie Mae economists.
Among some of Fannie Mae economists projections for this year:
- Home prices: Fannie Mae economists predict that the median price of existing homes will increase 2.3 percent on an annual basis this year, reaching $181,000. The median price of a new home will likely increase 1.6 percent to $248,000. For 2014, economists predict that home prices will increase an extra 2.8 percent.
- Home sales: Existing-home sales will likely rise 11.5 percent in 2013, and new-home sales will rise 12.5 percent, economists predict.
- Mortgage rates: Rates will likely edge up slightly this year with 30-year fixed-rate mortgages projected to average 3.8 percent this year and rise to 4.4 percent in 2014.
To read more visit Realtor.org.
March 2013 Important Dates & Events
March 10th Daylight Savings Time Begins
March 17th St. Patrick’s Day
March 24th Palm Sunday
March 31st Easter Sunday
Easter Egg Hunt at Waterside Shops, March 30th, 9am-11am, Advance registration highly suggested as spaces are limited. Email firstname.lastname@example.org or call Mall Office at 239-598-1605.
As the old saying goes “In like a Lion, Out like a Lamb,”– it seems as though March is coming in like a Lion! We are very busy here in paradise and are excited as to how quickly our recent listings have been going Under Contract.
It’s that TIME Again!
If you enjoy more sunshine in your days, then you’ll be happy to know that Daylight Savings starts on Sunday, March 10! Just remember to “Spring Forward” your clocks by one hour on Saturday night before you go to bed.