Will 2016 Be the Year of the First-Time Homebuyer?
Last year ended with a surge of new homeowners entering the marketplace, thanks to warm weather in December and November and the potential of higher mortgage rates on the horizon in 2016.
The number of existing-home sales (transactions that include single-family homes, condos, townhouses, and co-ops) rose by 14.7 percent in the month of December to a seasonally adjusted annual rate of 5.46 million, the National Association of Realtors® (NAR) reported last month. In all, sales were 7.7 percent above the same time in 2014, says NAR.
“While the carryover of November’s delayed transactions into December contributed greatly to the sharp increase, the overall pace taken together indicates sales these last two months maintained the healthy level of activity seen in most of 2015,” says Lawrence Yun, chief economist for NAR.