Two pieces of good news: Rates are down and sales are up

There were two pieces of good news in the national housing market this week.  And, while it may be too early to throw a party celebrating the recovery of the housing sector, this good news should serve to encourage both buyers and sellers:

1)  Interest rates are down to their lowest levels of the year.  Freddie Mac said this morning the average 30-year fixed rate fell to 4.63 percent from 4.71 percent last week.   Rates are currenly well below the 2010 first quarter rates, which hovered around 5 percent, and are just above the historically low rates from the fourth quarter of 2010.

2)  Existing-home sales continued to recover in the first quarter of 2011.  49 States and the District of Columbia saw sales volume increases when compared to the first quarter of 2010. 

As recently as last week some economists were warning of a 'double-dip' in the housing market.  We still have a way to go, but these two encouraging signs on the national level should inject a little momentum into the Spring Market that is heating up across the country.  As many readers know, real estate is highly localized, and our Decatur market is a bit different than the national market.   I'll provide insight to our local market in my next post, stay tuned...     (Spoiler Alert:  It was HOT in Decatur in March and April!)