The real estate market is seeing an uptick in home sales this year as buyers take advantage of low mortgage rates and a pent-up demand for housing.
According to the National Association of Realtors, existing home sales rose 1.3% in August, to an annual rate of 5.49 million, the highest level since 2006. This is a sign that the housing market is continuing to recover from the effects of the pandemic.
The increase in home sales is attributed to several factors. First, mortgage rates are still near historic lows, making it more affordable for buyers to purchase a home. Second, there is a pent-up demand for housing as people look to move out of their current homes or upgrade to a larger property. Lastly, there is an increase in the number of millennials entering the housing market, which is driving up demand.
The increase in home sales is good news for the real estate market, as it indicates that the market is continuing to rebound from the pandemic. However, there are still some challenges that need to be addressed.
The inventory of homes for sale is still low, which is making it difficult for buyers to find the right property. Additionally, some buyers are struggling to get financing due to tight lending standards.
Despite these challenges, the real estate market is showing signs of improvement. Home sales are up, mortgage rates are still low, and demand is increasing. It’s a good time to be a buyer, and the market should continue to improve in the coming months.