US Home Sales Highest in 6 1/2 Years

In the US, the National Association of Realtors has released data that shows US home sales at their highest point in nearly seven years. The data also shows that property values have steadily increased for nine consecutive months in year-over-year figures. At the highest they have been since February 2007, US home sales are still displaying low supply and higher demand.

Experts are saying that rising mortgage rates have encouraged buyers who recently entered the market to quickly close deals, for fears that rates might increase. And, because supply is still low in the current housing climate, many properties are seeing multiple offer situations, which likely push prices to unrealistic levels based on the current situation.

Data also shows supporting figures with an average of 43 days on market for all homes in August, up from 42 days in July and down from 70 days in August of 2012. This information shows a substantially expedited closing process compared to only one year ago.

Median existing US home prices rose in the month of August between 7.6 percent and 18.8 percent, nationally. This trend is putting US housing back to a near normal level, and almost back to pre-crisis climates, in a good way.

Are you seeing this trend and activity in your area? How do you feel about rising mortgage rates and increased values?

Be sure to leave us your thoughts, or answers to the questions above, in our comment section below.

Photo Courtesy of Photo Dean’s Flickr