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Existing-home sales increased in June to their highest pace in over eight years, while the cumulative effect of rising demand and limited supply helped push the national median sales price to an all-time high, according to the National Association of Realtors®. According to NAR’s chief economist, “”Buyers have come back in force, leading to the strongest past two months in sales since early 2007.” He attributes this development to “steady job growth,” “an improving economy,” and the springtime rise in mortgage interest rates, which impelled buyers to jump into the market fearing higher rates.

Realtors® are reporting drastic imbalances of supply in relation to demand, especially in the West. “The demand for buying has really heated up this summer, leading to multiple bidders and homes selling at or above asking price,” The president of the National Association of Realtors® said today. “Furthermore, tight inventory conditions are being exacerbated by the fact that some homeowners are hesitant to sell because they’re not optimistic they’ll have adequate time to find an affordable property to move into.”

Read More:

National Association of Realtors® Press Release

‘Drastic Imbalances’ Push Existing Home Prices to Record High — Mortage News Daily.

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