Home sales are still climbing. After four consecutive monthly increases a nine month high has been reached.
Sales of existing single-family homes, townhomes, condominiums and co-ops increased 1.1% to a seasonally adjusted annual rate of 5.57 million, up from May’s downwardly revised 5.51 million, the National Association of Realtors said Thursday. The June pace was the strongest since 2007.
It note worthy that 33% of all buyers were first-time home buyers. If this trend continues existing home prices will rise and begin to price these buyers out of the traditional housing market. This should also help the Factory Built Home Industry as they can construct homes much faster than traditional builders. Scatter building lots should begin to sell too.