House sales in the United States hit a six-and-a-half year peak in August, according to figures from the National Association of Realtors (NAR).
The organisation’s report also indicated that median home prices have risen for nine straight months of year-on-year increases, with every one of these rises reaching double digits.
It was also found that total existing property sales - including single family homes, townhouses, condominiums and co-ops - rose by 1.7 per cent to an annual rate of 5.84 million in August from 5.39 million in July. Year-on-year, this figure stands at 13.2 per cent higher than the 4.84 million sales that took place in August 2012.
Analysis of this data showed that sales are now at their highest rate since February 2007, at which point they achieved 5.79 million. Furthermore, the past 26 months have seen year-on-year increases in house sales.
Lawrence Yun, chief economist at the NAR, commented that the US real estate market appears to have hit a peak - although this is unlikely to be a permanent position. He explained that rising mortgage interest rates have pushed more buyers to close deals, however monthly sales are likely to be “uneven” over the next few months as several market frictions continue to rear their heads.
“Tight inventory is limiting choices in many areas, higher mortgage interest rates mean affordability isn’t as favourable as it was, and restrictive mortgage lending standards are keeping some otherwise qualified buyers from completing a purchase,” he added.
A survey if total housing inventory at the end of August increased 0.4 per cent to 2.25 million existing homes which are now available to be sold. If sales continues at its current pace, this represents a 4.9 month supply, which is a drop from July’s five month supply.
Article by +https://plus.google.com/113107350172679406191?rel=author on behalf of Propertyshowrooms.com
The organisation’s report also indicated that median home prices have risen for nine straight months of year-on-year increases, with every one of these rises reaching double digits.
It was also found that total existing property sales - including single family homes, townhouses, condominiums and co-ops - rose by 1.7 per cent to an annual rate of 5.84 million in August from 5.39 million in July. Year-on-year, this figure stands at 13.2 per cent higher than the 4.84 million sales that took place in August 2012.
Analysis of this data showed that sales are now at their highest rate since February 2007, at which point they achieved 5.79 million. Furthermore, the past 26 months have seen year-on-year increases in house sales.
Lawrence Yun, chief economist at the NAR, commented that the US real estate market appears to have hit a peak - although this is unlikely to be a permanent position. He explained that rising mortgage interest rates have pushed more buyers to close deals, however monthly sales are likely to be “uneven” over the next few months as several market frictions continue to rear their heads.
“Tight inventory is limiting choices in many areas, higher mortgage interest rates mean affordability isn’t as favourable as it was, and restrictive mortgage lending standards are keeping some otherwise qualified buyers from completing a purchase,” he added.
A survey if total housing inventory at the end of August increased 0.4 per cent to 2.25 million existing homes which are now available to be sold. If sales continues at its current pace, this represents a 4.9 month supply, which is a drop from July’s five month supply.
Article by +https://plus.google.com/113107350172679406191?rel=author on behalf of Propertyshowrooms.com