Home Sales Hit a Record-Setting Rebound

Home Sales Hit a Record-Setting Rebound | MyKCM

With a worldwide health crisis that drove a pause in the economy this year, the housing market was greatly impacted. Many have been eagerly awaiting some bright signs of a recovery. Based on the latest Existing Home Sales Report from the National Association of Realtors (NAR), June hit a much-anticipated record-setting rebound to ignite that spark.
According to NAR, home sales jumped 20.7% from May to a seasonally-adjusted annual rate of 4.72 million in June: 
“Existing-home sales rebounded at a record pace in June, showing strong signs of a market turnaround after three straight months of sales declines caused by the ongoing pandemic…Each of the four major regions achieved month-over-month growth.”
Home Sales Hit a Record-Setting Rebound | MyKCMThis significant rebound is a major boost for the housing market and the U.S. economy. According to Lawrence Yun, Chief Economist for NAR, the momentum has the potential to continue on, too:
“The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown…This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue.”
With mortgage rates hitting an all-time low, dropping below 3% for the first time last week, potential homebuyers are poised to continue taking advantage of this historic opportunity to buy. This fierce competition among buyers is contributing to home price increases as well, as more buyers are finding themselves in bidding wars in this environment. The report also notes:
“The median existing-home price for all housing types in June was $295,300, up 3.5% from June 2019 ($285,400), as prices rose in every region. June’s national price increase marks 100 straight months of year-over-year gains.”
Home Sales Hit a Record-Setting Rebound | MyKCMThe graph below shows home price increases by region, powered by low interest rates, pent-up demand, and a decline in inventory on the market:Yun also indicates:
“Home prices rose during the lockdown and could rise even further due to heavy buyer competition and a significant shortage of supply.”

Bottom Line

Buyers returning to the market is a great sign for the economy, as housing is still leading the way toward a recovery. If you’re ready to buy a home this year, let’s connect to make sure you have the best possible guide with you each step of the way.

Looking to sell, buy, invest or rent Real Estate, call me:
Asifa Zia
REALTOR® MRP. PSA, Pearson Smith Realty LLC
Address: 43777 Central Station Drive #390, Ashburn VA 20147
Offices in Ashburn, Leesburg, Sterling, Fairfax and Woodbridge VA. 
Languages spoken: Spanish. Hindi. Urdu. English 
  Click to schedule a meeting
CONFIDENTIAL COMMUNICATION: This email message and any attachment may contain privileged and confidential information intended only for the use of the individual or entity to which the email is addressed. If the reader of this message is not the intended recipient or the employee or agent responsible to deliver it to the intended recipient, that person is hereby notified that any dissemination, distribution or copying of this communication is prohibited. If you have received this communication in error, please notify us as soon as possible by telephone (collect calls will be accepted). Thank you for your cooperation and assistance.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein


Comments

Post a Comment

Popular posts from this blog

How High Tech is Your Home?

Image
If the latest technology or entertainment options are important in your new home, add the following questions to your buyer’s checklist. Are there enough jacks in every room for cable TV and high-speed Internet hookups? Are there ample telephone extensions or jacks? Is the home pre-wired for home theater or multiroom audio and video? Does it have in-wall speakers? Does the home have a local area network (LAN) for linking computers? Does the home already have wiring for DSL or another high-speed Internet connection? Does the home have multizoning heating and cooling controls with programmable thermostats? Does the home have multiroom lighting controls, window-covering controls, or other home automation features? Is the home wired with multipurpose in-wall wiring that allows for reconfigurations to update services as technology changes? To rate the home on its technological sophistication, fill out the Consumer Electronics Association’s TechHome checklist at  www.ce.or
Read more

7 Home Renovations That Offer the Best ROI for Resale

Image
  Before you dive into a home renovation project, think about the goal - are you looking to add long-term functionality now, or just make improvements that will help you sell for more? If selling is in your future, you could spend the next few weeks renovating your home to make it look better, but are you really getting the best ROI? As a homeowner, you want the best ROI. What you don’t necessarily need are the biggest bucks—instead, you want to invest in improvements that give you the most bang for your buck. "The higher the resale price, the more profit you can make and the less of a renovation project you'll have to undertake." If you don't sell it soon after, it may be hard to get top dollar for it and you might end up with a big renovation bill.  The right simple home renovation is a great investment in your future. If you’re looking to get top dollar when selling your home in the future, there are some renovations that'll give you the highest ROI. We'll
Read more

More homes in the market, home buyers get more choices!!

Image
Finally there is good news for the home buyers, they can expect more home inventory and this more choices in Fall 2021. In the residential real estate market, trends generally follow a predictable and seasonal pattern. Typically, the number of homes available for sale (or active monthly listings) peaks in the fall. If we look at the active monthly listings for 2021 , we’ll see that the number of homes on the market has increased fairly steadily since spring this year. New  data from realtor.com  shows that the number of homes available for sale inched up 5.7% in August. That follows 8.8% and 10.4% inventory gains, respectively, in June and July. Since bottoming out this spring, inventory is up 30%.  The  realtor.com  data  shows we’re still seeing an increase in active inventory month-over-month. While that gain is a bit smaller month-to-month , September numbers are still up from the month prior. The buyers faced challenges like bidding wars, multiple offer situations, and not much of
Read more