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Home Sales Continue To Rise, Why?

According to USA TODAY:

“For the first five months of this year, new-home sales have risen 8.8 percent as a solid job market and shortage of existing homes on the market have boosted demand. In a sign that buyers are eagerly seeking out properties among a diminished inventory, there was a 17.4 percent surge last month in the sale of homes before construction begins.

Buyers are also facing additional pressures as home values are generally rising faster than incomes and average 30-year mortgage rates have risen to 4.57 percent from 3.90 percent a year ago. Both of these factors are increasing the monthly costs for repaying home loans.”

The ongoing trend we see is that people are buying new homes because of the layouts, floor plans, and amenities including smart homes. Based on the lack of inventory, as noted in the article, these homes are more attractive to buyers.

Pictured above, the living room of our latest sale that sold before it hit the market!