Based on the latest Existing Home Sales hit a record as shown in the Report from the National Association of Realtors (NAR), June hit a much-anticipated record-setting rebound to ignite that spark.
According to NAR, home sales jumped 20.7% from May to a seasonally-adjusted annual rate of 4.72 million in June.
This significant rebound is a major boost for the housing market and the U.S. economy.
With mortgage rates hitting an all-time low, dropping below 3% for the first time last week, potential homebuyers are poised to continue taking advantage of this historic opportunity to buy.
This fierce competition among buyers is contributing to home price increases as well, as more buyers are finding themselves in bidding wars in this environment.
The graph below shows home price increases by region, powered by low interest rates, pent-up demand, and a decline in inventory on the market.
–Bottom Line
Buyers returning to the market is a great sign for the economy, as housing is still leading the way toward a recovery.
If you’re ready to buy a home this year, let’s connect to make sure you have the best possible guide with you each step of the way.
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