Home Sales Affected by Winter Weather
January saw a slight increase in home sales, but now we’re back down, thanks in large part to the winter weather. After all, who likes to go shopping for their dream home when it’s icy and snowy outside?
While the weather obviously affects the real estate market, the fact that there is limited available inventory is a bigger factor in keeping home sales down. This has been especially true in Western states. Additionally, home affordability is down from 12 months ago, as home prices have continued to rise. Pending sales inched up in the Northeast and South and trended down in the Midwest and West.
Home sales are expected to rise once warmer weather arrives and spring sets in. As the weather begins to heat up, you may want to join the bandwagon and get your home up for sale or start searching for a new home. Interest rates continue at historic lows and buyer demand remains strong. To sell or a buy real estate in the Danville area, contact the Zwahlen Team.