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Trending Now - Hot Housing Market
2013 was a rebound year for the housing market. Realtors are even calling it a healthy year and when was the last time you heard that about the housing market?
That's according to a report from the National Association of Realtors. It showed that more than five million previously owned homes were sold in 2013 -- that's up about nine percent from 2012, and nearly 20 percent from 2011.
Mortgage rates have been rising since may and that affects the costs for home buyers. Rates are still historically low, but they have been steadily rising.
Realtors attributed these gains in the housing market to rising prices, lower unemployment, a drop in foreclosures, and, of course, demand.
The median price of a home that was sold in 2013 was just under $200,000 and the increase in prices mean less people owe more than their home is worth. That's great news -- fewer people under water.
Overall, this is really good news, not just if you're in the market to buy a house, but for the economy overall.