After the challenges of 2018, it looks like the market has finally started to shift towards buyers.
According to an article highlighting recent data from the National Association of REALTORS®, existing home sales increased 2.5% month over month in May—with all four regions of the US seeing an increase in sales. Buyers were also eager to snatch up homes quickly, with the average home being on the market for only 26 days.
Why the sudden jump? Increased inventory (according to NAR’s data, inventory is up 2.7% from May 2018) and falling interest rates definitely play a major role. “The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding,” said NAR Chief Economist Lawrence Yun, Chief Economist for the National Association of REALTORS®, in the article.
If you’ve been thinking about buying a home, now is a great time to take advantage of the favorable market conditions and make your dream of homeownership a reality.