With an increase of over one percent from May, and a three percent increase from a year ago, first-time home buyers accounted for 33 percent of the market, marking a four-year high.
Existing home supply dropped to 4.6 months, as themortgagereports tells MHProNews. Anything below six months indicates it’s a seller’s market, prompting bidding wars with buyers competing for homes. Home sellers are taking advantage of the fact that home prices have risen year-over-year for 52 consecutive months.
NAR suggests that continuing low interest rates coupled with job and wage growth are spurring people to buy. Although home prices rise, mortgage rates are dropping fast enough to make homes affordable. ##
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