Sales of existing homes were up 1.1 percent in June from May to an annual rate of 5.57 million units. This was above the 5.50 million expected, according to the National Association of REALTORS®. Sales are up 3 percent from June 2015 and remain at their highest annual pace since February 2007 (5.79 million). The June share of first-time buyers was 33 percent, which is up from 30 percent in May and just shy of the July 2012 high of 34 percent.
On another bright note, future housing inventory will get a boost in the months ahead. June Housing Starts, which measures when excavation begins on a home, rose 4.89 percent from May, above expectations. Single-family starts, the largest segment of housing starts, increased 4.4 percent.
Building Permits, which signal future construction, also beat expectations from May to June, coming in with an increase of 1.5 percent.
With more housing being added to the market and more first-time buyers jumping into homeownership, the moment couldn't be better for home loan rates to remain near historic lows. And for now, that's where home loan rates are.
Source: David Lindeman, MMG Weekly (7/25/2016)
Author:Matt Pennington Phone: 480-251-0280 Dated: July 28th 2016 Views: 216 About Matt: Matt has been a licensed Real Estate Broker since 2003 and with American AllStar Realty since 2005. ...
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