{"id":969,"date":"2020-07-23T15:55:29","date_gmt":"2020-07-23T15:55:29","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=969"},"modified":"2020-07-23T15:55:29","modified_gmt":"2020-07-23T15:55:29","slug":"home-sales-hit-record-setting-rebound","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/home-sales-hit-record-setting-rebound\/","title":{"rendered":"Home Sales Hit a Record-Setting Rebound"},"content":{"rendered":"
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Home Sales Hit a Record-Setting Rebound<\/p><\/div>\n

With a worldwide health crisis that drove a pause in the economy this year, the housing market was greatly impacted. Many have been eagerly awaiting some bright signs of a recovery. Based on the latest Existing Home Sales\u00a0Report<\/a>\u00a0from the\u00a0National Association of Realtors<\/em>\u00a0(NAR), June hit a much-anticipated record-setting rebound to ignite that spark.<\/p>\n

According to\u00a0NAR<\/a>,\u00a0home sales jumped 20.7%<\/strong>\u00a0from May to a seasonally-adjusted annual rate of 4.72 million in June:\u00a0<\/em><\/p>\n

\u201cExisting-home sales rebounded at a record pace in June, showing strong signs of a market turnaround after three straight months of sales declines caused by the ongoing pandemic\u2026Each of the four major regions achieved month-over-month growth.\u201d<\/em><\/p><\/blockquote>\n

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Existing Home Sales<\/p><\/div>\n

This significant rebound is a major boost for the housing market and the U.S. economy. According to Lawrence Yun,\u00a0Chief Economist<\/em>\u00a0for NAR, the momentum has the potential to continue on, too:<\/p>\n

\u201cThe sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown\u2026This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue.\u201d<\/em><\/p><\/blockquote>\n

With mortgage rates hitting an all-time low, dropping\u00a0below 3%<\/a>\u00a0for the first time last week, potential homebuyers are poised to continue taking advantage of this historic opportunity to buy. This fierce competition among buyers is contributing to home price increases as well, as more buyers are finding themselves in\u00a0bidding wars<\/a>\u00a0in this environment. The report also notes:<\/p>\n

\u201cThe median existing-home price\u00a0for all housing types in June was $295,300, up 3.5% from June 2019 ($285,400), as prices rose in every region. June\u2019s national price increase marks 100 straight months of year-over-year gains.\u201d<\/em><\/p><\/blockquote>\n

The graph below shows home price increases by region, powered by\u00a0low interest rates<\/a>, pent-up demand, and a decline in\u00a0inventory<\/a>\u00a0on the market:<\/p>\n

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Existing Home Prices<\/p><\/div>\n

Yun also indicates:<\/p>\n

\u201cHome prices rose during the lockdown and could rise even further due to heavy buyer competition and a significant shortage of supply.\u201d<\/em><\/p><\/blockquote>\n

Bottom Line<\/strong><\/h3>\n

Buyers returning to the market is a great sign for the economy, as housing is still leading the way toward a recovery. If you\u2019re ready to buy a home this year, let\u2019s connect to make sure you have the best possible guide with you each step of the way.<\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
\nFacebook<\/a>
\nLinkedin<\/a>
\nTwitter<\/a>
\nInstagram<\/a><\/p>\n

THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

Home Sales Finish Reading Home Sales Hit a Record-Setting Rebound<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[38,15,167,182,10,18,27,91,52,63,20,12,24,48,13,214,28,47,19,39,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/969"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=969"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/969\/revisions"}],"predecessor-version":[{"id":974,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/969\/revisions\/974"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}