The summer sales season is coming to a close. But that doesn’t mean it isn’t a good time to buy a house. In fact, new numbers from the National Association of Realtors show buying conditions have actually improved. For example, in August, homes for sale were on the market longer than they were the month before.
According to the report, properties typically remained on the market for 31 days in August, up from 29 days in July. Additionally, mortgage rates are hovering near historic lows. Lawrence Yun, NAR’s chief economist, says home buyers are finding conditions tempting. “As expected, buyers are finding it hard to resist the current rates,” Yun said. “The desire to take advantage of these promising conditions is leading more buyers to the market.” It’s true.
Buyers in August pushed sales 1.3 percent higher than the month before, with only the West suffering a month-over-month decline. The improvement put sales 2.6 percent higher than last year at the same time. Still, challenges remain. Though sales are up, the number of homes for sale fell. Yun says home builders need to build more homes to help alleviate upward pressure on prices. More here.