Americans have not been buying homes in February, contrary to months past. Sales of existing homes fell 7.1 percent just last month. It is predicted that the drop in the housing market was due to a plunge in the stock market in the first few weeks of the year. Many believe that the drop should only be temporary and will start to rise soon. The housing market, now even with the drop, is still higher than it was just one year ago. Home buyers and sellers should have nothing to worry about in the next few months.
http://www.nytimes.com/2016/03/22/business/economy/existing-home-sales-drop-more-than-expected.html?ref=economy&_r=0
From experience, the housing market in and around Columbus is intense right now. I assume the data from above is talking about averages. However, the data is interesting. I hope home owners and buyers don't panic and make this into a self fulfilled prophecy.
ReplyDeleteThe market fluctuates for many reasons. Though this was a big drop, as long as the "animal spirits" don't take control of the situation then there should be nothing to worry about. The stock market is still climbing back and there is plenty of growth to be made.
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