The National Association of Realtors recently released data showing U.S. home sales at their highest since February 2007. In the US, the supply remains low and the demand remains high. Also reported were steadily increasing property values, 9 consecutive months in “year-over-year figures.”
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What is the real estate market trend and activity in your area? Do you feel that the rising mortgage rates are hindering property sales? Experts say that many buyers are quicker to close deals due to fears that the mortgage rates will continue increasing. And we’re still seeing many multiple offer situations because of the low housing supply, so that in turn can make the prices to increase to unrealistic levels.
In August, the average days on market for homes was 43, which was up from 42 days in July and down from 70 days last year in August. That information shows that the closing process has been substantially expedited when compared to last year.
In more good news, the data reflects that the US housing market is almost back to “pre-crisis climates” since they are almost back to a normal level.
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