We’ve experienced record growth in home sales for June. Here’s what that means for our market.
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According to the National Association of Realtors, we experienced a record climb in existing home sales in June. They report that the climb in real estate activity during that time constitutes a 20.7% increase. Per the report from Washington, “existing home sales rebound at a record pace in June, showing strong signs of a market turnaround after three straight months of sales decline caused by the ongoing pandemic.”
‘This revitalization looks to be sustainable for many months ahead, as long as mortgage rates remain low and job gains continue to grow.’ — Lawrence Yun
The NAR also reported that each of the four major regions—the Northeast, Northwest, Southwest, and Southeast—achieved month-over-month growth, with the West experiencing the greatest sales recovery. Existing home sales (completed transactions that included single-family homes, townhouses, condos, and co-ops) jumped 20.7% in May to a seasonally adjusted annual rate of 4.72 million homes in June. Sales overall, however, dipped year over year by 11.3%; during the same time last year, there were 5.32 million sales on a prorated average.
The bottom line is that the sales recovery is going strong as buyers are eager to purchase homes that they had been eyeing during the shutdown. Lawrence Yun, chief economist for the NAR, said, “This revitalization looks to be sustainable for many months ahead, as long as mortgage rates remain low and job gains continue to grow.”
If you have any questions about what’s happening right now in our real estate marketplace here in Merrimack Valley, please reach out to us. We’d love to hear from you.
