While interest rates may start to head up in 2014, in January at least they headed down and that helped keep buyer demand high, despite the lack of homes for sale. With median prices up and equity returning to more and more homes, the opportunity for homeowners who’ve wanted to sell, but have been holding off to put their home on the market is getting better each day. Like we’ve said for many months, sellers have to make the decision to sell.
Here are the highlights:
- Single-family pending home sales were up 1.4% compared to January 2013
- Single-family month-to-month pending home sales were up 12.2% from December 2013
- Single-family median price up 14.3% from January 2013 (to $320,000)
- Condo pending home sales were up 9.8% compared to January 2013
- Condo pending month-to-month home sales were up 36% from December 2013
- Condo median price up 20% compared to January 2013 (to $300,000)