This week’s #MarketMonday focuses on the increased home sales from last month, which is a good sign for the second half of the year. We also highlight what economists are foreseeing for the housing market in 2015. Thanks to steady job growth and low mortgage rates, the real estate market is strong and steady. Stay updated with what’s happening, especially if you’re interested in entering the market because these next few months may be a good chance for you!
My team is happy to answer any questions about the current real estate market or to discuss what is most important to you whether you are looking to buy, sell or invest in today’s market.
Pending home sales have increased within the past month and this summer has shown to be a stable home-buying season. Economists are expecting the housing market to calm down and to become less frenzied and competitive. Selma Hepp, chief economist at Trulia, said “Despite the ebbs and flows, the housing market is on solid footing that’s being bolstered by strong, broad-based job growth and more millennials creating their own households.”
July served as the third consecutive month for increased home sales. The housing market is looking good for the second half of 2015; however, low home inventory is still a major problem in the market. This article gives great numbers and insight on recent home sales.
The National Association of Realtors shared that their pending home sales index rose last month. This change has been a result of steady job growth and low mortgage rates. Home sales may soon be peaking for the year.
Aside from Denver, homes in the Seattle area sold faster than anywhere else in the country. More California buyers are entering the Seattle housing market due to home prices being more affordable in their eyes. The low cost of living is going to continue attracting buyers from California.