Sales of Existing Homes At 8-Year High

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In June, sales of previously owned homes reached their fastest pace since February 2007, according to the National Association of Realtors. Sales rose 3.2 percent above the month before and are now 9.6 percent higher than they were at the same time last year. Lawrence Yun, NAR’s chief economist, said this year’s spring buying season has been the strongest since the downturn. “Buyers have come back in force, leading to the strongest past two months in sales since early 2007,” Yun said. “This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that’s giving households the financial wherewithal and incentive to buy.” This spring’s mortgage rate increases were also likely to have spurred some buyers to act fast and not wait any longer to buy, Yun added. Regardless of the reason behind the strength of this year’s spring sales season, the increased buyer demand – along with limited inventory – has driven down the number of days the typical home stays on the market. In fact, homes for sale are typically only on the market for 34 days now, which is the shortest amount of time since the NAR began tracking it in 2011. It’s also six days quicker than in May, when homes typically stayed on the market for 40 days. More here.

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