June 2016 Existing Home Sales Reach Their Highest Point in Nine Years
According to the National Association of Realtors, last month (June) existing home sales reached a nine-year high. It was the strongest month in existing home sales since 2007.
Moreover, 33% of the people who bought a home last month were buying a home for the first time. That’s the highest level of first-time buyers in the last four years.
The median existing home price also went up almost 5% to $247,700 in June. Unfortunately, the Midwest had the lowest median home price in the entire country — $199,900. The west coast had the highest median home price, at $350,800.
Why are we having all this growth? Well, low mortgages might have something to do with it. Mortgages are currently quite affordable as a result, and the economy has posted job gains as well. The real estate market is doing well. Let’s hope it stays that way!