News

Springfield Area Home Sales Up; Higher Mortgage Interest Rates to Thank?

Springfield Area Home Sales Up; Higher Mortgage Interest Rates to Thank?

Photo: Newsradio WTAX

A new homeowner who takes out a 30-year mortgage will likely pay $50 a month more now than he/she would have at this time last year.

Capital Area Association of Realtors President Steve Myers says that could be one reason home sales increased last month when compared to April 2013.

“As interest rates begin to tick up, it has a triggering effect on families and individuals that look for new homes,” Myers says.

National interest rates for a 30-year fixed rate mortgage last month were averaging 4.34 percent, compared to an average of 3.45 percent in April of last year.

April home sales in the Springfield area were up 3.8 percent when compared to April 2013, but are down overall for the year so far. Median home sale prices were also up last month when compared with 2013 — a total of 4.5 percent. The numbers for the year so far, however, are down 1.8 percent.

Myers says the numbers aren’t great for the year so far because of the harsh winter.

“There was pent up demand that’s now blooming in buying real estate, that started in April,” Myers says. “We look for it to continue into the summer.”

Recent Headlines

in Music

Ozzy Osbourne to undergo surgery

British musicians Ozzy Osbourne of Black Sabbath, arrives at the Classic Rock Roll of Honour awards 2013 at the Camden Roundhouse in north London, Thursday, Nov. 14, 2013.

Ozzy Osbourne has cancelled his upcoming Ozzfiesta event in Mexico to undergo surgery.

in Entertainment

Angelina Jolie crowned world’s top feminist icon

Angelina Jolie arrives at the 20th annual Critics' Choice Movie Awards at the Hollywood Palladium on Thursday, Jan. 15, 2015, in Los Angeles.

Angelina Jolie and Emma Watson top the list of the world's foremost feminist icons.

in Entertainment, National

Celebrities protest new Indiana law

George Takei poses for a portrait at Quaker Good Energy Lodge with GenArt and the Collective , during the Sundance Film Festival, on Saturday, Jan. 18, 2014 in Park City, Utah.

Celebrities call for an Indiana boycott after the passing of a controversial law that could lead to discrimination against gay couples.