Home Sales at Highest Pace in a Decade
Are you in the market for a new home? You’re not alone.
Despite a low inventory of homes available and rising home prices, existing-home sales are at their highest rate since 2006, according to Lawrence Yun, Chief Economist for the National Association of Realtors (NAR).
Although low inventory and rising prices pose challenges for buyers, mortgage rates continue to stay near three-year lows and the job market is strong, having added 14 million jobs since 2010.
Yun projects existing-home sales to finish 2016 with a total of approximately 5.4 million sales. If his projections are correct, 2016 would be the best year for existing-home sales since 2006.
Source: Mortgage Professional America
Categories: industry news