Home sales in the month of April were an anomaly. Sales fell by nearly 4.5%. Market insiders expected another banner month of sales, but the numbers contradicted expectations during prime home-buying season.
Even the National Association of Realtors’ pending home index reached unusual levels during this period of time. In May, however, pending home sales rebounded by 8% and 13% from the same time last year.
The index is a reliable indicator of market performance, as it tracks contracts signed for the purchase of single-family dwellings. May’s numbers reached their highest level since 2005. The index is also a forecast of things to come. Contract signings showed strength across the nation.
Analyst expect the market to add more listings in the second half of this year, which is music to the ears of many future homebuyers. During the pandemic, home sales soared and so did the price. With low interest rates, the market took off, leaving some qualified buyers behind.
But things can be changing with an economy on the move. As you prepare to enter this exciting market, PMR loans can build the right loan program for your unique financial situation.
Future homebuyers can choose from a variety of programs, including fixed rate and FHA loans. Finding the right loan program is key in today’s competitive market. PMR’s loan officers will work with you so you can learn about the benefits of each program.
A fixed-rate mortgage is a traditional route to homeownership. Borrowers enjoy the predictability of unchanged principal and interest payments over the life of the loan.
FHA loans, on the other hand, are terrific for first-time homebuyers. That’s because FHA loans feature lenient borrowing terms that give applicants a little more breathing room to succeed.
Reach out to us today to learn about our other loans, including VA and conventional programs, that can help you reach your goals and get you into a home of your dreams.
Note: PMR is not affiliated with or an agency of the federal government