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 Entertainment

PLAYLIST: 19 of the best Summer songs

Patriotic Music

Memorial Day marks the unofficial start of summer. Start your season off right with this playlist spanning the '60s to now.

in Entertainment

Netflix: What’s coming and going in June

netflix

Take this long weekend to binge on shows and movies that are leaving Netflix and get a sneak peak at what's coming next month.

in Entertainment

REVIEW: Disney goes meta at the multiplex with ‘Tomorrowland’

21-overlay7

Long before the credits roll, Tomorrowland will have you craving a theme park turkey leg and planning a meet up at Mr. Toad's Wild Ride.