January Home Sales Up. Yet It’s Too Early to Celebrate.

Published: Feb 27, 2014
Jan Sales
Despite the cold temperatures, information provided by the U.S. Census Bureau reveals that in January home sales got to a level never recorded in the last 5 years. At the same home prices fell to the point where they were in August last year.

While the posted data shows a 9.6% increase, it comes with a large margin of error, so “on a three-month rolling average, sales rose just 1.2% in January.” This comes as a surpise in light of the fact that 2013 saw an increase in both mortgage rates and home prices.

Not all news is good, however. New home construction took a dip in January and existing home sales dropped to mid-2012 levels. But undoubtedly the wors news is that “mortgage applications are at a 20-year low.”

Experts think it’s unrealistic to explain the whole situation with the weather conditions.

Read the full story in HousingWire.

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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.