According to the National Association of Realtors, existing home sales increased 3.2 percent in June to an adjusted annual rate of 5.5 million. That's an improvement of 10 percent over a year ago.
Apprently, buyers are coming out in droves with full confidence, leading to the strongest last two months in sales since 2007, according to PBJ. That confidence is being fueled by over a year of job growth and an improving economy for households in general.
And urgency helps. If interest rates rise, which they certainly will, then buyers want their money to go further without having to pay more to borrow.
· Existing home sales at highest level since 2007; prices hit all-time high [PBJ]