Despite the fact that the rate of home sales are still below the 6 million a month that economists feel is a healthy market, the last couple months have been the best for home sales for last five winters.
With a mild winter, mainly nationwide, and an improved job market together they have helped to boost sales of previously occupied homes well ahead of the important spring buying season.
February posted 4.59 million sales which is 13% higher than the highest sales pace set last summer. Furthermore, the median sale price of homes rose for the first time in four months to $156,600.
Also, the housing market has been showing overall signs of improvement in other areas as well such as a large increase in new home permits which has helped to increase home builders' confidence. Available home inventory has also decreased to its lowest level since 2005, 30-year mortgage interest rates still remain near record lows, and lastly, foreclosure sales have also decreased which will in turn increase home values.
The housing market is not out of the woods just yet, but all signs are saying we're getting there.