The national median sales price for existing homes in June was $236,400, which surpassed the previous record set in July 2006. Home sales rose 6.5% from this time last year. The median sales price is expected to continue rising at a healthy pace.
Additionally, existing home sales reached their highest pace in over eight years.
What’s causing this growth? The improving economy and relatively low unemployment rate is allowing more and more buyers to purchase homes. This spring has been the strongest year in sales since 2007! Additioally, this strong demand from buyers and relatively few homes for sale is pushing home values higher.
Information courtesy of the National Association of Realtors.