July saw the highest level of new home sales in the US with an annualized rate of 433,000 units sold. That’s the highest since September last year and 9.6% more than the June rate of 395,000. The past two months have exceeded analysts expectations.
The recent months have seen rising trends in the housing market in general. Existing home sales have also spiked due to affordability. Some repossessed homes sell as quick as just a few hours of being listed. The low prices and the tax breaks that first-time home buyers can avail of has helped boost the figures up.
“There are many economic conditions that led to the surge,” said Bob Walters, chief economist for Quicken Loans. “But certainly low mortgage rates, huge price reductions on the high inventory of new builds, and the first-time homebuyer tax credit have been instrumental in getting consumers to take the plunge into the real estate pool of opportunity.”
Many of those with comfortable nest eggs to have seen that these past months have truly been the best time to buy homes given the choices and the low costs.
Source: CNN
