With new home sales data in for March, we’re currently running 153,000 home sales (non-seasonally adjusted) below what we saw in March of 2007, however, we’re already ahead of last year’s home sales at the same time.
Existing-home sales rebounded 5.1% from the previous month to a seasonally adjusted annual rate of 5.33 million in March. Whereas, new home sales slipped 1.5% from the previous month to a seasonally adjusted annual rate of 511,000 units.
Currently existing home sales are down 6%, and new home sales are down 38% compared to 2007 through March on a non-seasonally adjusted basis.
Mortgage rates are affordable and we expect rates to stay under 4% through the spring. Based on our current forecast, we’re on track and in the mix for the best year in home sales in a decade.
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Across all sectors in housing, we’re experiencing a technology transformation that is increasing velocity, reducing cost and improving quality. In fact, the pace of change throughout the mortgage process has been steadily accelerating, and that trajectory is likely to continue in years ahead.
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