Good News! US Housing Market on the Upswing

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Home sales are up, and that's good news for sellers, possible buyers, and anyone concerned about the economy.

The National Association of Realtors reported that February sales increased 0.8 percent -- the fastest sales pace since November 2009 and 10 percent higher than this time last year.

Home prices are also rising. The median price for a home sold last month was $173,600 - up more than 11 percent from last year.

What does that mean? In places like Atlanta, a beautiful three-bedroom sold in 10 days for $10,000 above asking price.

But it also means a housing shortage in some places.

The Mayberry family sold their cramped condo in just four days and is now trying to find a family home in a good school district.

"The surprise is the shortage really," Nathan Mayberry said. "The tables have really turned now."

In St. Louis, real estate agent Kate Burmeister has been going door to door, trying to get families in good neighborhoods to sell.

Realtors say the housing market does vary by region, with sales up especially in the South and the West, down in the Northeast, and slightly down in the Midwest.

What's helping people everywhere is exceptionally low mortgage rates. The average 30-year loan is down to 3.54 percent.

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Heather Sells

Heather Sells

CBN News Reporter

Heather Sells enjoys reporting on a variety of issues for CBN News. Some of her recent stories have focused on religious liberties, technology, AIDS, overseas missions, domestic trafficking, and politics.  Follow Heather on Twitter @SellsHeather and "like" her at Facebook.com/HeatherSellsCBNNews.