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January home sales on an upward trend

January home sales showed increase in the housing market.

January home sales showed increase in the housing market.

According to a recently released report from the National Association of Realtors, pending home sales in the month of January were on an upward trend.

The pending home sales index increased 2 percent to 97 in January after posting a 95.1 in December. The index was also 8 percent higher than January 2011, when it was 89.8.

“Movements in the index have been uneven, reflecting the headwinds of tight credit, but job gains, high affordability and rising rents are hopefully pushing the market into what appears to be a sustained housing recovery,” said Lawrence Yun, NAR chief economist. “If and when credit availability conditions return to normal, home sales will likely get a 15 percent boost, speed up the home-price recovery and thereby significantly reduce the number of homeowners who are underwater.”

The January index showed the highest numbers since April 2010's 111.3 when buyers hurried to take advantage of the homebuyer tax credit.

According to Freddie Mac's weekly survey, mortgage rates are stuck at record lows and increased fees are being included into the overall cost of most mortgages. However, as the Wall Street Journal pointed out, with interest rates being so low, even increased fees are not likely to keep buyers from packing up and moving into their dream home. To offset the increased fees, homebuyers might consider economical self move options, such as moving pods.