Posted by Home Point Financial on
Image via Michael Pion
In March, we saw a 5.1% jump in total home sales. That is up from last year at this time, and speaks to the growing demand for homes. This figure was bolstered by big gains primarily in the Northeast and Midwest regions of the United States.
The median home price is now listed at $222,700, which is up 5.7% from last year. This also marks the 49th consecutive month of price gains, with no signs of slowing down.
This spring, 30% of the home sales went to first time homebuyers. This is about the same as last year, but it remains strong. This can be attributed to the rising cost of rent across the country, while average fixed rates remain well below 4%. We predict that the number of first time homebuyers will continue to steadily increase as renting continues to rise nationwide.
Are you looking to make a move this spring? Contact Home Point Financial to learn more about the loan programs available to you. This is an excellent time to purchase a home, especially as interest rates remain historically low. If you are a first time homebuyer, we have a variety of loan programs such as the HomeReady Program to accommodate your needs. Let’s get started today!