Expect a Strong Spring Housing Market

Expect a Strong Spring Housing Market

Recent housing and economic reports predict we'll see solid spring home sales, according to Jonathan Smoke, realtor.com®'s chief economist. Here are some signs: Jobs: "Job creation -- arguably the most important factor in housing demand -- is moving apace," Smoke notes. In January, 151,000 jobs were created and unemployment is near 10-year lows. Home sales: Existing-home sales from January 2015 to January 2016 have grown 11 percent. Home prices: Prices are moving up and most of that has been attributed to the limited number of homes for-sale. Mortgage rates: Low mortgage rates are improving home buyer affordability, for now. The biggest negative trend impacting potential demand relates to the January and February declines in stock values, which have taken a toll on consumer confidence.