Home Sales Accelerate during the “Dog Days of Summer”
Some Highlights of NAR Existing Home Sale Report:
- Existing home sales have accelerated to the highest pace since February 2007 at an annual pace of 5.57 million.
- Inventory of homes for sale remains below the historically normal 6-month mark at a 4.6-month supply, down 5.8% year-over-year.
- Median home sales prices rose to $247,700, 4.8% higher than a year ago and replaced the previous peak in May of $238,900.
Whether you are thinking of buying or selling, there is a lot of action in the real estate market currently!