Our North Raleigh real estate agents have some exciting news in regards to the current housing market! According to realtor.com, "Existing-home sales increased in June to their highest pace in over eight years, while the cumulative effect of rising demand and limited supply helped push the national median sales price to an all-time high. All major regions experienced sales gains in June and have now risen above year-over-year levels for six consecutive months."
This comes after an uncertain couple of months that leaned toward a less than stellar summer in home sales. Thankfully, despite the decreases, home buyers are back and ready to purchase. Between May and June 2015, home sales are the strongest they've been since February 2007. In addition, they're almost ten percent higher than they were this time last year.
What's causing this surge in home sales? Steady job growth and an economy that's improving every day. Households are more financially sound than they were in years past. They're eager to buy because they're confident in their lifestyle now.
Also, the spring season showed an increase in mortgage rates. This could have pushed buyers to buy now, instead of waiting - which could bring about a higher interest rate. Our North Raleigh real estate agents couldn't agree more with buyers. It's smart to buy now, when rates are still historically low.
A Further Look At June 2015 Home Sales
According to realtor.org, the following numbers were revealed today concerning home sales for last month:
- Total existing-home sales (single-family homes, townhomes, condominiums and co-ops) increased 3.2 percent to a seasonally adjusted annual rate of 5.49 million in June from a downwardly revised 5.32 million in May.
- The median existing-home price for all housing types in June was $236,400, which is 6.5 percent above June 2014 and surpasses the peak median sales price set in July 2006 ($230,400).
- June's price increase also marks the 40th consecutive month of year-over-year gains.
- Total housing inventory at the end of June inched 0.9 percent to 2.30 million existing homes available for sale, and is 0.4 percent higher than a year ago (2.29 million).
- Unsold inventory is at a 5.0-month supply at the current sales pace, down from 5.1 months in May.
The only decrease of the month lies with first time home buyers. Sales dropped two percent from May but are still consecutively higher than a year ago.
For more information regarding the current state of the housing market and an even further look at June 2015 home sales, be sure to visit back with us for our next blog post!
Roark Premier Team | North Raleigh Real Estate Agents
With the increased home sales this year, it's a great time for buyers to really consider purchasing a home. Contact our North Hills Raleigh real estate agents to get started with a search for the home of your dreams!
Also, if you’re considering selling your home, it's also time to act now! Contact Roark Premier Team today and get started with the process of listing your home on the market! We guarantee to sell your home in 59 days or less! If we don’t, the listing fee is waived! So what are you waiting for? Call now! Our real estate agent is standing by to help you get your home sold during one of the busiest times of the year for real estate!
For more information about the housing market and homes sales in July 2015, be sure to visit back with us this time next month! Also be sure to take a look at other blogs in this series: