The National Association of Realtors reported the 5th consecutive month of increased pending home sales – the highest number since the peak of the housing boom in 2006!
Pending sales, or homes under contract, are up 10% over last year according to the latest monthly data from May of this year. These numbers round out a strong spring season with data showing the trend to continue through the summer.
Sales volume is up as well as sales price. The average home price is up 7% over last year. First time buyers are re-entering the housing market – making up 32% of all buyers – an increase of 27% from a year ago.
So what does this mean for you? Now is the time to buy! Home prices will only continue to rise as sales continue to increase. Enjoy the AC in your car and come look at our new homes this weekend!
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