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Residential real estate sales on the rise

Last month, home sales were on the rise all across the United States. This new data should be very interesting for buyers in South Carolina and elsewhere because it indicates that the spring season, which is often when homes are put up on the market, could be very strong. The increase in purchases had a lot to do with the already increasing supply of homes, which could be positive news for those who want to sell and are planning to add to that pool.

While brand new homes were sold, the rise was mostly confined to sales of homes that people already own. Again, potential sellers may want to keep an eye on this, as the trend could give them some optimism moving forward. If people are concerned about selling their home so that they can move, this market data suggests that it might be getting easier.

According to the National Association of Realtors, there are more homes on the market now than there have been in the last two years. The increase in sales may seem small at just 1.3 percent, but it does mark a dramatic move in the right direction. The National Association of Realtors data also indicated that the annualized rate for sales is now at 4.65 million.

Before applying for mortgage loans or looking into all of the legal aspects of purchasing a home, such as the transfer of a title, it is a good idea for home buyers to know what the market looks like in their area. Knowing how the supply is trending can give them insight regarding the local demand, which helps influence market prices.

Source: Businessweek, "Gain in Existing U.S. Home Sales Lifts Spring Prospects" Michelle Jamrisko, May. 22, 2014

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