As we get into Fall, you might be wondering if it’s a good time to be looking for a home. At Sotheby’s Scottsdale, the housing market is strong, like it is around the country.
New single family home sales surged in July, reaching their highest level since October 2007, according to the U.S. Department of Commerce.
As far as existing home sales at Sotheby’s Scottsdale and the rest of the country, they leaped ahead in May and June to what was their highest pace in almost a decade, according to the National Association of Realtors®.
Looking ahead to Fall, it’s possible this trend will continue, mainly because of low mortgage rates being driven by low interest rates. As a result, this combination creates a sense of urgency for buyers including buyers at Sotheby’s Scottsdale.
The economy also looks to be turning around. If that’s the case, hopefully that’ll mean job growth which means more buyers will be entering the housing market. In fact, new buyers are entering the housing market. In June, first-time buyers accounted for 33% of home sales, according to the National Association of Realtors. In July, that number was 32% —up from 28% a year ago. As far as 2015, first-time home buyers represented 30% of sales and, so far in 2016, represents 31% of all buyers.
Another thing driving people into the housing market around the country and at Sotheby’s Scottsdale is rising rental prices in major cities.
Unfortunately, millions of Americans still remain locked out of the home market according to The Wall Street Journal. The supply of affordable houses is not keeping pace with those who want to buy. This means many Americans will find it tough to find a home they can afford.
“The National Association of Realtors reports the median existing home price in July was $244,100, up 5.3% from July 2015 ($231,800), which marks the 53rd consecutive month of year-over-year gains.”
To sum it up, now and heading into Fall is a good time to buy a home at Sotheby’s Scottsdale. Mortgage and interest rates remain low and rent prices are rising.