REIA READER Nov / Dec 2015 | Page 16

Did You Know RealtyTrac® released its May 2015 U.S. Home & Foreclosure Sales Report, which shows 24.6 percent of all single family home and condo sales in May were all-cash purchases, down from 28.5 percent in the previous month and down from 30.4 percent in the a year ago to the lowest level since November 2009. The cash sales share in May was close to its long-term average going back to January 2000 of 24.8 percent. Source: Market Watch Photo by Hywards | freedigitalphotos.net Home sales are on pace for their best year since 2007 Home Sales Continue to Soar Home sales are on pace for their best year since 2007. First-time buyers are streaming back into the market. Prices are skyrocketing, aided by a stronger job market and tantalizingly low rates that are creating pressure for buyers to act fast. Many appear ready to close sales quickly because of concerns of being potentially priced out of the market by rising rates and home values. The National Association of Realtors said that sales of existing homes climbed 3.2 percent in June to a seasonally adjusted annual rate of 5.9 million. June was the fourth consecutive month of the sales rate exceeding 5 million homes. Median home prices climbed 6.5 percent over the past 12 months to $236,400, higher than the July 2006 peak. Employers have hired 3.1 million additional workers in the past year as the unemployment rate has slid to 5.3 percent from 6.3 percent. This influx of additional paychecks has led more Americans to feel financially secure after weathering the most severe downturn -- sparked by a housing bust -- since the 1930s. Many buyers appear eager to finalize their purchases before rates and prices increase any further, said Jonathan Smoke, chief economist at Realtor.com®. Source: The Associated Press