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Home Sales are UP!

Updated: Apr 7

Asian child tackles keys to new home

The real estate market is showing promising signs for homebuyers and those looking to refinance, with the latest report from the National Association of REALTORS® highlighting a positive trend in existing-home sales. In January, there was a notable increase of 3.1% in existing-home sales across the United States, with significant growth observed in the Midwest, South, and West regions. This upward movement reflects a resilient market that continues to offer opportunities despite the ebbs and flows of economic conditions.

Interestingly, the total existing-home sales, encompassing single-family homes, townhomes, condominiums, and co-ops, reached a seasonally adjusted annual rate of 4.00 million in January, surpassing expectations. This improvement not only indicates a robust demand but also suggests a favorable environment for potential homebuyers and those considering refinancing their properties.

Moreover, the housing inventory has experienced a slight uptick, with a 2.0% increase from December, bringing the total to 1.01 million units available on the market. This rise in inventory, coupled with a 3.1% year-over-year increase, is creating a more balanced market, providing buyers with more options and better negotiating power.

For those concerned about market supply, the current 3.0-month supply at the current sales pace is an improvement from previous months, reflecting a market that is gradually becoming more accessible to buyers. Although the supply is tighter compared to pre-pandemic levels, the market dynamics are shifting in a way that could benefit buyers and those looking to refinance.

With sales exceeding the consensus forecast and inventory levels showing a positive trend, now is an opportune time to consider entering the market or refinancing your existing mortgage. The resilience of the housing market, combined with the increasing availability of homes, presents a golden opportunity for those looking to make a move.

If you're contemplating purchasing a new home or refinancing your current mortgage, Mortgage Masters of California is here to guide you through the process. With expert advice and personalized service, we can help you navigate the market to find the best options tailored to your needs. Don't miss out on the chance to take advantage of the current market conditions. Reach out to Mortgage Masters of California at 707-203-8600 to discuss your home purchase or refinance mortgage options.

Mortgage Masters of CaliforniaNMLS #1928590 DRE #02113411

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