Home Sales Soar Throughout the Country
It’s not just Colorado that has a booming market full of buyers, it’s everywhere in the U.S.! Now is the time to sell and find your next dream home. Check out this article from The Denver Post about the rising home sales throughout the country —
U.S. home sales soar in July to fastest pace since 2007
The U.S. housing market contains a mere 4.8 months’ supply of homes.(Associated Press file)
WASHINGTON — Americans stepped up their homebuying for a third straight month in July, as sales accelerated to the strongest pace in eight years.
The National Association of Realtors said Thursday that sales of existing homes rose 2 percent last month to a seasonally adjusted annual rate of 5.59 million, the fastest rate since February 2007.
Sales have jumped 9.6 percent over the past 12 months, while the number of listings has declined 4.7 percent.
The housing market contains a mere 4.8 months’ supply of homes, meaning that prices are rising for an increasingly narrow set of properties. The median home price climbed 5.6 percent over the past 12 months to $234,000. Just 28 percent of the purchases last month went to first-time homebuyers, a group that historically accounted for 40 percent of sales.
“When first-time homebuyers compete with people who are more qualified borrowers that have additional cash, they tend to lose,” said Budge Huskey, CEO of the real estate brokerage Coldwell Banker.
Contact The Strange Team today to see how this market has increased the value of your home! For loan information contact our business partner and preferred lender Dustin Hodges at Summit Funding, Inc. (NMLS ID# 3199)
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