A Quick Update on Economic Housing

It seems as though this cold San Diego weather is having a negative impact on housing sales for the month, as well as for the rest of the country. Sales of many existing "SFR", or Single-Family Residences, dropped 5.1 percent to an annual rate of 4.62 million in January of 2014. That's down from 4.87 million in December.

Much of the 5.1 percent drop is from the cooler weather the rest of the nation is trying to recover from. But is there a different reason for the huge drop? There's many factors to consider as to why home sales have dropped significantly. According to Economic Advisor Lawrence Yun, much housing activity is usually delayed until the spring, when weather begins to get warmer and people begin to venture out of their homes a bit more. Limited inventory is also playing a large factor of the drop in residences, as many people are not selling like they did in previous years. Tight credit, higher prices, and higher mortgage interest rates are also all factors in the drop of existing sales.

So there's an update on the economic housing for this week. If your still considering if you want to sell your home, or are just curous to see how much it's worth, head on over to www.NissouRealtyGroup.com/sell to find out just how much you could get for your home. 

Your Local Real Estate Expert,