Lower Home Prices Increase in March 2014

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The housing price appreciation rate is falling and this is certainly a good sign for prospect home buyers. Even though the spring housing sale season did not have a great start, improvement is expected soon. One of the major factors for this is the growing inventory. It increases slowly but steadily.

The increase of the median home sales price in March 2014 was 9.9% on an annual basis. This is the lowest annual increase for the past year and a half. For comparison, the annual increase for February was 12.9% while for January it was 14.1%.

The slowdown of the price increase comes in the beginning of the spring sale season when the demand for homes is traditionally the highest during the whole year. In 2014, the season has had one of its slowest starts in history. The home sales in March fell by 11.6% from the same month of 2013. Their number dropped in 18 of the 19 major markets in the United States. Still, the expectations that the market will pick up soon remain. The increase in sales of 25.4% on a monthly basis from February to March 2014 is a clear positive sign.

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There is more good news for prospect home buyers. The number of new listings in the housing market rose by 6.3% on an annual basis in March 2014. The increase on a monthly basis was even more impressive – 27.4%. The highest inventory increases were in markets with expensive properties in California. This clearly indicates that sellers wanted to exploit the two-digit increases in prices before March. At the same time, the growing inventory combined with the soft demand has already had a downward impact on the median sales price and this trend will most certainly remain.

With the housing market becoming more favorable for home buyers and the mortgage rates remaining low, now is a great time for buying a new house.

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info
Christian

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