By Paul Bubny | GlobeSt.
Sales of existing homes, including for-sale apartments, reached their highest annual pace in more than nine years, the National Association of Realtors said Thursday. With a larger share of first-time buyers than the residential market has seen in nearly four years, June’s tally reached an annualized 5.57 million, the best showing since 5.79 million in February 2007.
“Existing sales rose again last month as more traditional buyers and fewer investors were able to close on a home despite many competitive areas with unrelenting supply and demand imbalances,” says Lawrence Yun, chief economist at NAR. “Sustained job growth as well as this year’s descent in mortgage rates is undoubtedly driving the appetite for home purchases.”
