The rate of home sales in the U.S. saw its highest year-over-year gain in 11 years as of Janauary. Home sales rose 10.5 percent in 54 major metropolitan areas across the nation according to RE/MAX. The increase in the sales rate is positive news considering the sharp declines in inventory levels recorded the last few months.
“January sales were encouraging,” said Adam Contos, CEO of RE/MAX Holdings, Inc. “Affordability and limited supply are still constraints, but overall, housing is in a much better place than it was a year ago.”
Strong buyer demand is propping up the housing market, sparked by record low mortgage rates. Today, conforming no-point 30-year fixed mortgage rates are averaging 3.00 percent and 15-year rates are near 2.625 percent.
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