The American National Association of Realtors (NAR) projects property sales will total 5.26million this year, the highest figure since 2007. Another report, from the Mortgage Bankers Association in the USA, suggests home sales could increase further, on the basis of increasing numbers of home loans.
Median home prices climbed 6.5% over the past 12 months to US$236,400, the highest average tracked by the Realtors. After a slow winter, sales of existing homes have accounted for the largest chunk of the market and higher prices could prompt more homeowners to put their homes on the market.
The proportion of sales made to first-time buyers dropped to 30%, from 32% in May, but is still up from 28% at the same point last year.
‘Distressed’ property sales comprised only 8% of the market, matching the lowest figure since the NAR began recording the data in 2008.
According to mortgage company Freddie Mac, the average rate for a 30-year fixed-rate mortgage rose in June to 3.98% from 3.84% in May.
