Home Sales Rebound across the Board
After a disappointing January—with existing home sales posting double-digit drops—February sales are giving home buyers hope that housing will continue improving during spring. In fact, in Orange County, sales jumped 10.9% in February and San Diego county saw a 14.8% increase over January!
And that’s only existing single family sales.
New single family construction starts are projected to climb 10% over 2014 numbers. And new multi-family construction starts are estimated to rise a whopping 20% this year. Factor in that home building giant Lennar Corp beat Q1 earnings expectations despite construction efforts being hampered by difficult weather across the country, and it’s easy to see that things are moving in the right direction.
Plus, California as a whole is improving. It’s not just due to the mild winter either. Job growth contributed to home sales posting the largest February increase since 2012…with more than a half-million jobs added. And, according to a recent Fannie Mae sentiment survey, mortgage lenders are optimistic and anticipate that mortgage demand will increase significantly over the next three months. Especially with mortgage interest rates still under 4%. So if you’re thinking about buying a home, now is a great time to get in before demand and rates both go through the roof.