New York Real Estate Insurance: U.S. Home Sales Boosting Economy
According to sources from www.MoneyNews.com, U.S. home sales have reached a healthy level for the first time since November 2009. The sale of previously occupied homes surged in July to a seasonally adjusted annual rate of 5.39 million.
In mid-August, the National Association of Realtors (NAR) reported that sales jumped 6.5% in the previous month from a 5.06 million pace in June. Sales have risen 17.2% since June 2012, and have consistently stayed above an annual pace of 5 million since May 2013.
Steady hiring and low mortgage rates have been credited for helping the housing market recover over the last year. Due to this, the number of available homes is also rising slowing, which should support more home sales.
There were other positive signals in the August report. The proportion of distressed sales including foreclosures stayed at 15%, which is the lowest since the NAR began tracking the figure in October 2008. Plus, investors made up just 16% of purchases, down from a recent peak of 22% in February of this year. The smaller proportion of investors suggests that the housing market is slowly returning to normal.
This improvement in the housing market helps the broader economy. Rising home sales boosts spending in other related areas, such as furniture and home supply stores. Ultimately, this will increase realtor’s incomes.
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