07 Jul 2016

As a Homebuyer You Have More Choices in Many Markets

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Home-choicesLow interest rates, an improving job market, and an increase in the number of new and existing homes for sale fueled a 3.3% increase in the number of homes under contract to sell in July, data from the NATIONAL ASSOCIATION OF REALTORS® show.

“Steady job additions to the economy are helping family finances and giving consumers added confidence to enter the market,” said NAR Chief Economist Lawrence Yun. “The increase in the number of new and existing homes for sale is creating less competition and is giving prospective buyers more time to review their options before submitting an offer.”

All major regions experienced healthy gains except for the Midwest, which saw a slight decline.

Pending Home Sales by Region

In 2016, Yun predicts 4.98 million existing-homes will sell, down 2.1% compared with the 5.09 million homes sold in 2015.

He expects the national median existing-home price to grow between 5% and 6% this year and grow 4% to 5% in 2015.

In July, the national median existing-home price was $222,900 for all home types (up 4.9% from July 2015) and $215,000 for condos (up 3.3% from this time last year).

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Neil Gortler
CBR, SRES - Licensed Real Estate Salesperson

Phone: 516.849.5895 | neil@neilgortler.com

As an experienced professional Neil will do the leg work, keeping you up-to-date with new listings and the various market conditions that may impact the home purchase process. Sellers can also benefit from his skills in finance, negotiation, contractual agreements, and RE marketing. Call today and allow Neil to guide you through the complexities of buying or selling your home, eliminating hassles, and stress.

Member of:
National Association of Realtors
Long Island Board of Realtors
Multiple listing service of long Island
New York State Association of Realtors

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