Half of major metros are seeing increasing sales thanks to a rebound in the share of all-cash purchases, and a growing share of FHA buyers
RealtyTrac found that half of all major metros are on track to hit the highest level of home sales since 2007, HousingWire reports.
Single-family home and condo sales through August were on pace for a national eight-year high in 110 out of 204 metro areas surveyed. A total of 1,947,028 U.S. single family homes and condos sold through August in 2015.
“The continued strength in sales volume across a wide spectrum of markets in August indicates that shockwaves from recent global stock market instability have not weakened the housing recovery and in fact there is evidence that the instability has fueled more demand for U.S. real estate,” Daren Blomquist, vice president of RealtyTrac, told HousingWire.
“The share of cash sales nationwide in August bounced back from a seven-year low in July, and the month-over-month increase in cash sales share was more pronounced in markets that have traditionally been magnets for foreign cash buyers, including Boston, Las Vegas, San Francisco, Seattle and New York.”