The median existing single-family home price in the United States of America increased in 87 per cent of measured markets during the first three months of this year, new figures show.
The latest National Association of Realtors (NAR) data reveals that 154 out of 178 metropolitan statistical areas (MSAs) showed price gains based on closed sales in the first quarter of 2016 compared with the first quarter of 2015. Meanwhile, 24 areas (13 percent) recorded lower median prices from a year earlier.
“The solid run of sustained job creation and attractive mortgage rates below 4 per cent spurred steady demand for home purchases in many local markets,” said Lawrence Yun, NAR chief economist.
The national median existing single-family home price in the first quarter was uS$217,600, up 6.3 per cent from the first quarter of 2015.
The five most expensive housing markets in the first quarter were the San Jose, California, metro area, where the median existing single-family price was US$970,000; San Francisco, California (US$770,300); Honolulu, Hawaii (US$721,400); Anaheim-Santa Ana, California (US$713,700); and San Diego, California (US$554,300).
The five lowest-cost metro areas in the first quarter were Cumberland, Maryland (US$67,400); Youngstown-Warren-Boardman, Ohio, (US$77,500); Decatur, Illinois (US$83,300); Wichita Falls, Texas (US$95,200), and Rockford, Illinois (US$95,800).
With house prices in the United States continuing to rise in the majority of metropolitan areas, it is arguably more important than ever for those hoping to soon call the US ‘home’, and indeed buy a property there, to get the best exchange rate possible when it comes to changing your Pounds to Dollars.
When exchanging large lump sums, only small fluctuations in exchange rates can have a huge impact on how much money you’ll end up with.
For example, imagine you managed to sell your property in the UK three months ago and had £150,000 to exchange. At the highest point of exchange in the past three months £1 was worth US$1.449 (17th February) while at the low point it was worth just US$1.387 (1stMarch). Although this may not sound that much of a swing, on an exchange of £150,000 this equates to a difference of US$9,300!
As of yesterday, the rate was once again almost at its highest point in the past three months at £1=US$1.442.
Of course, there is no guarantee of choosing the absolute best time to exchange. But taking expert advice from a specialist currency exchange firm like Halo Financial can certainly help.
Foreign exchange companies understand why the exchange rates are moving and just what impact this has on your currency transaction so can give you at least some indication of when the market could move favourably. What’s more, they can also provide you with a range of options on when you should consider exchanging, and how much you should exchange at a time.
To find out how you can make sure you can take advantage of positive fluctuations in the market and exchange your currency at the right time to get the best possible deal on the purchase your overseas property, visit www.halofinancial.com
Article by David Fuller