June proved to be the month where America broke its housing
market low-streak; homes were sold at the fastest rate since the market crash 8
years ago, insinuating stability from a solid job market and low mortgage
rates. As of Tuesday, the new home sales rate rose to 592,000, 3.5% over the
last month: an all-time high since February 2008 according to the Commerce
Department. Regardless of the wavering sales on a month-to-month basis, new
home purchases have risen 10.1% year-to-date!
Residential real estate is supported by the robust job
market and low mortgage rates, continuing to revive from the hard hits of the
last decade. Because of the high demand and lower supply of homes, prices are
rising, leading to indicators that the overall economic growth could upturn
from the housing market!
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