February Stats: Home Sales on the Rise

Spring has truly spring and early that is for the real estate market. Buyers are out. Our office is very busy with showings. I was excited to hear that some recent statistics are supporting the activity.

Here is what I heard from Realtor.org:

“Home Buyer Tax Credit Increases Activity

NAR President Charles McMillan says home shopping activity has picked up with housing affordability at a record high.

The number of buyers looking for homes rose 5 percent in February, and also was 5 percent above a year ago,” he says. “It appears most of the increase in buyer traffic occurred in the latter part of the month after the $8,000 first-time buyer tax credit was put in place. At the same time, mortgage purchase applications have risen, so we expect to see sales picking up around late spring.

McMillan notes that more potential buyers are learning about the tax credit, just as the traditional spring home-buying season begins.

Single-family home sales: rose 4.4 percent to a seasonally adjusted annual rate of 4.23 million in February from a level of 4.05 million in January . . .

Existing-home sales— including single-family, townhomes, condominiums and co-ops—rose 5.1 percent to a seasonally adjusted annual rate of 4.72 million units in February from a pace of 4.49 million units in January. ”

Spring Lawn tip: Don’t forget to get your crab grass preventer down on your lawn if you are doing it yourself. You need to stop the crab grass before it gets growing and there is not much time left. You can usually find this on sale at your local garden center. I usually buy a four step plan (to cover 15,000 sq feet) for about $100 after the rebate. If I paid for professional lawn care for the season, it would cost me almost $500 for the plan. So households doing it themselves can save a good bit.

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