Home sales are soaring, but is it a good time to buy

Image by u_f8awlsnb from Pixabay

By Jacob Passy | MarketWatch

The domestic property market is fueled by a government stimulus and a COVID-fueled rush to low density housing, economists say.

Thousands of Americans have purchased homes in recent months despite the pandemic — but some people may not want to join the bandwagon. Americans are rushing to buy homes right now. But should you be one of them?

Sales of previously-owned homes in the U.S. rose 24.7% between June and July to a seasonally-adjusted annual rate of 5.86 million, the National Association of Realtors reported Friday. Not only did the percentage increase represent a record, but the sales volume was the highest the U.S. has seen since 2006.

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