In a previous post, we talked a great deal about August’s existing home sales. It was predicted that the outcome of the month’s home sales would be “up in the air.” The housing market has been steadily gaining momentum since May of this year, and at this point doesn’t look to be slowing down. There were a few drops here and there but those proved to be because of cash sales. Higher interest rates also had experts believing that a drop would occur in August’s sales. Those predictions calling for the month’s sales to be “up in the air” were disproved when they prevailed yet again; becoming the best since 2007. When looking at the home sales report for August it’s important to know a few facts.
According to a realtor.org expert, “rising home values will encourage more people to sell. As the equity position of most homeowners continues to improve, some who have been on the sidelines will list their home for sale. Most of those owners also will be buying another home, but higher levels of new home construction going into 2014, combined with some reduction in demand from less favorable affordability conditions, will help to moderate price growth to more sustainable levels.”
The Roark Premier Team | North Raleigh Real Estate Agency
Also according to realtor.org, the following numbers for August’s existing home sales are at an all-time high, beating out May, June, and July 2013. Exciting news for those hoping to put their home on the market this fall:
First-time buyers accounted for 28 percent of purchases in August, down from 29 percent in July and 31 percent in August 2012.
All-cash sales comprised 32 percent of transactions in August, up from 31 percent in July and 27 percent in August 2012. Individual investors, who account for many cash sales, purchased 17 percent of homes in August, compared with 16 percent in July and 18 percent in August 2012. Last month, three out of four investors paid cash.
In the South, existing-home sales rose 3.8 percent to an annual level of 2.19 million in August and are 13.5 percent above August 2012. The median price in the South was $181,000, up 14.6 percent from a year ago.
August's existing home sales proves that now is the time to contact a North Raleigh real estate agency!
If you’re ready to take the next step and put your home on the market be sure to contact The Roark Premier Team. Our North Raleigh real estate agency can help you sell your home within 59 days of being on the market! We guarantee it! If you have any questions for one of our real estate agents feel free to call or put in an inquiry online!