Home sales declined in February to the lowest level since mid-2012, according to the National Association of Realtors. The number of contracts signed with the intention of purchasing properties fell that month to the lowest since 2011, according to the Realtors’ group. While the numbers are seasonally adjusted, they can be influenced by unexpected events such as unusual weather.
Applications for mortgages to purchase homes dropped in February to the lowest since 1995, according to an index from the Mortgage Bankers Association that also is seasonally adjusted. By mid-March, the gauge regained about 12 percent from that low, while remaining about 17 percent below the level it was during the same week in 2013.
But there is hope. The housing market, like the rest of the economy, is on a gradual recovery path. In the next months, we’re going to see the Spring market come to life after seeing an unusually harsh winter.
Here in GRANT COUNTY we are seeing tight inventory and many buyers coming into the market. The foreclosed properties are still keeping a lid on any significant price appreciation. There are some excellent values out there combined with low interest rates makes now a good time to buy a home.
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