Prices of real estate in the United States seem to just be going up, up, and up lately. In June, existing home sales surpassed the high that occurred in 2006, and according to data released by the National Association of Realtors, median sales hit an all time high. June was also the 40th consecutive month with year-over-year gains, according to the NAR.
The sales of single-family homes, town homes, condominiums, and co-ops rose 3.2% in June, to a seasonally adjusted annual rate of 5.49 million, up almost half a million from June 2014. $236,400 was the median existing-home price in June for all housing types, and 6.5% above June 2014, surpassing the high of $230,400 in July 2006.
Co-ops and condominiums are growing the most quickly, and are still cheaper than single-family homes. This indicates that if you are considering purchasing one of these types of homes, now is the time! Look for all the beautiful co-ops and condos available through RE/MAX Paradise.
Why are prices consistently rising lately? Again, because of the growing economy and job markets, there is increasing demand with so many new buyers entering the market. However, demand has yet to catch up, leading to price spikes. Housing inventory in June rose only 0.9%, to 2.3 million existing homes for sale.
According to Jonathan Smoke, leading economist for realtor.com, the type of buyers today also signifies a healthy market and economy: buyers are no longer investors engaging in distress related sales, as was the case in 2006. 2015 so far truly is one of the best years for real estate in history.
All signs point towards a healthy, booming real estate market that will not wait for you to make your purchase! Prices are rising and hot, so there is truly no time like the present to contact a RE/MAX Paradise agent today who will guide you to the home of your dreams at the best price possible.