Existing-Home Sales Picked Up in July Good News

This article comes from https://www.realtor.com/ that reports that existing home sales are up for the month. The key is the economy and interest rates.

"Existing-home sales rose 2.5% in July from the previous month to a seasonally adjusted annual rate of 5.42 million, the National Association of Realtors said Wednesday. Economists surveyed by The Wall Street Journal had expected sales to rise 2.3% last month."

This article also points the economy making home sales flow well and of course the new low interest rates really help that number go up.

"Lawrence Yun, the trade group’s chief economist, said July’s uptick was an “inevitable realization given incredibly low mortgage rates,” alongside strong job conditions."

This is a great time to sell a home and or buy one. Personally I am looking at finding a new home for myself because of the obscene low interest rates. The cost of money is a big asset when you are buying a home. 

I remember in the 1980's if you had a lower interest rate mortgage on your home it was worth more. Home buyers at that time would assume the old mortgage to have the lower interest rates. The ones who did not have low interest rate homes suffered and could not sell their homes. 

Fast forward until today and you have a great interest rates that you can get, and borrow the money for almost nothing. 

"A shortage of homes for sale in some areas means home prices remain high. The median sale price for an existing home in July was $280,800, up 4.3% from a year earlier. There was a 4.2-supply of homes on the market at the end of July, based on the current sales pace"

That will be the driving force to homes going up I think for the next 5 years at least. New home builds can not catch up with no new home builds from 2006-2016. That is a long time for no medium priced homes to be built.

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