The pandemic may have pushed the housing market into a temporary hibernation, but real estate has really rebounded throughout the summer. Here are some of the trends we’ve been keeping our eyes on.
1. Existing home sales took a giant leap in June.
According to the National Association of Realtors (NAR), home sales went up 20.7% from May to June, making it the largest month-to-month increase in history! That tells us that while the real estate market got off to a slow start in 2020, it’s making up for lost time.
2. New home sales are even better.
Across the country, 776,000 new homes were sold in June. That’s the highest number we’ve seen in 13 years! In fact, those numbers are so good they are 7.6% higher than last year’s — when there was no pandemic to slow things down.
3. Unbelievable mortgage rates.
One of the biggest driving factors of the previous two insights is the unprecedented mortgage rates we are seeing on the market. Some buyers are landing sub-3% loans! While this is great for anyone looking to refinance their home, it’s even better for individuals looking to purchase a new property.