After the homeownership rate fell to the lowest in more than half a century, Americans came out with strong sentiments as the economy improves to buy existing homes in January at the fastest pace since 2007. The supply of available homes has now dwindled to record lows. Christopher Rugaber reported: “Steady job gains, modest pay raises and rising consumer confidence are spurring healthy home buying even as borrowing costs have risen since last fall. Some potential buyers may be accelerating their home purchases to get ahead of any further increases in mortgage rates. With few homes available for sale, buyers are pressured to rapidly close a deal as they find a suitable property. The typical house for sale was on the market for just 50 days last month, compared with 64 days a year ago. Strong demand is pushing up median home prices, which jumped 7.1 percent from a year earlier to $228,900.” (usnews.com)
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