June Demand Exceeded Supply, Boosting Sales

Printer-friendly version
July 23, 2015

There weren’t enough homes to serve all the buyers last month, pushing home sales to what The New York Times says “the fastest rate in over eight years.”

Numbers from the NAR released Wednesday show that sales of existing homes rose 3.2 percent in June to a seasonally adjusted annual rate of 5.49 million, a rate the market hasn’t seen since 2007.

Climbing along with sales numbers were home prices, which jumped 6.5 percent year-over-year to $236,000, the highest ever reported by the NAR.

Inventory rose only slightly, 0.9 percent to 2.30 million existing homes available for sale, only 0.4 percent higher than a year ago.

Analysts say robust hiring  over the last 21 months have enabled more Americans to enter the market as buyers. The number of sellers still lag, tightening inventory and catapulting prices upward.

Read more

Comments on: "June Demand Exceeded Supply, Boosting Sales"

July 2017

This Month in Professional Builder

Products
Features

Ashton Woods launched Starlight Homes to target entry-level home...

Overlay Init