Declutter, paint and plant your way to that ‘sold’ sign. Spring is almost here, and soon it will be home-selling season. Some economists expect 2015 to be a good one for home sales because mortgage interest rates will continue to hover at near historic lows, the overall economy is heating up and there’s a lot of pent-up demand.
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The housing market has, by many measures, turned a corner. With the potential for interest rates to move higher, there is much to expect in 2015. Here are five trends to spot:
It’s getting more expensive to buy a house. Prices rose 6% in the fourth quarter of 2014 as buyers competed for fewer and fewer available homes for sale, according to new data from the National Association of Realtors®.
The NAR report shows most cities (86%) are experiencing rising prices, with fewer available homes to choose from. Just 24 cities, or 14%, recorded lower median prices in 2014 than in 2013.
According to data released this week, the economy improved a lot in 2014 (after the first quarter, anyway), 2015 is looking good, and employment continued to gain steam in January. But one key economic indicator is still lagging: shopping.
The U.S. Census Bureau reported that retail sales declined by 0.8% in January, following a 0.9% decline in December. This left many economists and Wall Street analysts perplexed.
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