So far 2015 has been a great year for the U.S. economy, and in April that trend continues. Below are a few things that have been going right in the economy in the past few weeks.
Here’s what’s gone down:
1. Interest rates. Interest rates for those borrowing money have gone down. This is great news if you’re planning on getting a loan for a large purchase (such as a house).
2. Oil and gasoline prices. Iran will be exporting more oil, which may keep prices lower for some time.
3. Inflation. Prices of goods have been kept low, thanks to in part to lower oil prices and because of more Americans saving rather than spending.
Here’s what’s gone up:
1. Home prices. Homes on the market are selling for about 4.5% more, on average, than they were in January 2014. This is great news for homeowners who are ready to sell and hoping to make up for some Recession losses.
2. The number of buyers looking for new homes. More potential buyers are out hitting the pavement, looking for new homes. This is a good sign for the new home market, which in the past few years has seen fewer new homes being built than the historical average.
3. Pending sales of new homes. As the economy recovers, more buyers are able and willing to purchase new homes, with pending sales up 3%.
4. Vacation home purchases. This is another effect of the recovering economy. People have been saving their money and now are finally able to spend it on things they’ve wanted for a while, including vacation homes. These home purchase, which are up 57%, will further stimulate the economy.
Are you thinking about buying or selling your home? Contact The Haro Group!