Wednesday, August 26, 2015 / by George Youdeem
Real estate made headlines last week, with existing home sales and construction starts on new homes both hitting their highest pace since 2007, while lay-offs continued to stay at low enough levels to indicate a growing job market.
Existing Home Sales
The rate of existing home sales hit their fastest pace since February 2007, according to data released last week by the National Association of Realtors. Transactions of existing single-family homes, townhomes, condominiums and co-ops increased 2 percent to an annual rate of 5.59 million in July from a pace of 5.48 million in June. July's performance also marked the 10th consecutive monthly year-over-year sales increase was 10.3 percent higher than a year ago.
"The creation of jobs added at a steady clip and the prospect of higher mortgage rates and home prices down the road is encouraging more households to buy now," said NAR chief economist Lawrence Yun. "As a result, current homeowners are using ...