The real estate market is not yet on its way back, according to an Associated Press article:
The National Association of Realtors said Tuesday that home sales rose 2.4 percent to a seasonally adjusted annual pace of 4.77 million, up from a downwardly revised rate of 4.66 million in April. The results, however, missed analysts' expectations and stock markets edged lower on the news.
"While activity has stabilized, a meaningful recovery has yet to begin," wrote Paul Dales, U.S. economist with Capital Economics.
Is this bad news? Well, if you're a seller, probably so. But if you're reading this, you're probably a buyer, and it's certainly not bad news for you. This means that it is still very much a buyer's market, and there's no better time to buy a home than now. And there's another thing to bear in mind:
Interest rates for 30-year home loans, which fell to all-time lows this spring, have been edging back up. The average rate was 5.38 percent last week, according to Freddie Mac.
So if you've been thinking about buying a home, now's the time to do it.
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