According to The Associated Press, home sales in the United States are on pace for their best year since 2007. The job market remains strong, mortgage rates are still low but rapidly rising home prices and the potential of rising loan rates is causing many buyers to act fast. Moreover, many of these buyers are in the housing market for the first time.
According to experts, “demand is off the charts in 2015” with June 2015 the fourth consecutive month of the sales rate exceeding 5 million homes. The median home price now sits at $236,400, higher than the July 2006 peak.
With unemployment down to 5.5 percent – down from 6.3 percent a year ago – many would-be buyers are more confident about their own future and this is strongly reflected in their desire to purchase a new home.