“Sales will increase throughout 2015 as potential buyers feel more comfortable about the economic outlook and lenders are willing to make loans,” said Stuart Hoffman, chief economist at PNC Financial Services.
Median home prices increased 6 percent over the past 12 months to $209,500.
There were relatively few listings in December, as the supply of homes on the market dropped to 4.4 months from 5.1 months in November, the Realtors said. The supply was the lowest in two years.
Much of the gains in sales came from the West, with additional growth in the South. Sales slumped in the Northeast and Midwest. Home-buying appears poised to improve, however.
“There are good supporting factors behind the housing market,” said Jennifer Lee, a senior economist at BMO Capital Markets.
Strong job growth over the previous year has added nearly 3 million new paychecks to the economy. Mortgage rates have fallen sharply, and home values are rising at a slower clip, giving prospective buyers some financial leeway. To read the entire article, see wftv/business.
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