The real estate market is dedicated to keeping buyers, sellers, agents, and all parties involved, safe during COVID – and keeping transactions flowing.
According to the National Association of Realtors, sales of existing homes jumped 21% in June compared with May. This is also the largest monthly gain since this data was first tracked back in 1968.
Sales might have been even higher, if there were more inventory to show. Existing homes available has fallen 18.2% annually and to 1.57 million homes for sale at the end of June.
Inventory problems isn’t new, but fortunately mortgage rates have been helping ease buyer tension. The median price of an existing home sold in June rose 3.5% annually to $295,300. Mortgage applications rose 19% annually last week.
Real estate experts will keep an eye on the market throughout the summer to better predict how the fall and winter months might look.
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