In 2012 and 2013, the cost of housing was rising exponentially, with seemingly no end in sight. But according to many industry professionals, the pace of increase has slowed significantly, which is great news for potential buyers.
Lessened increase in housing costs means that many homes, even in the more popular housing markets, are affordable. According to the tracking index from the National Association of Realtors [NAR], the pending sales throughout the month of may rose 6.1 percent. An article from the Wall Street Journal cites this as the biggest monthly increase since April 2010, which spiked 9.6 percent.
This increase in May was in line with the monthly gains that the housing market has been making, but still falls 5.2 percent lower than those made in May of 2013.
Industry leaders say that these numbers indicate a great time to jump into the housing game for buyers. With sales of new construction homes rising to a seasonally adjusted 18.6 percent in May, according to the WSJ, and existing homes to 4.9 percent, first time home buyers are taking full advantage of the low cost, high return scenario.
No matter what kind of home you are thinking about purchasing, there are tons of options all over the country. Learning your budget and ideal location are steps one and two in the home buying process, but getting you into your dream home is up to us. For information on houses for sale in Sacramento, or any housing questions you may have, contact Jon Hesse Realty.