State of the Summer Real Estate Market 2015

July 22, 2015 / Real Estate Trends

The state of the 2015 Summer market is sizzlin’, for lack of a more grammatically correct term.  HousingWire breaks down the current climate in real estate in its blog post today.  The median existing home sale price rose to an all-time high this June, reaching $236,400, which is greater than the previous peak price of $230,400 reached in July 2006.  Home sales have also reached their highest pace in eight years.

Lawrence Yun, NAR chief economist, remarked that “buyers have come back in full force, leading to the strongest past two months in sales since early 2007.  This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that’s giving more households the financial wherewithal and incentive to buy.”

In some metro areas, imbalances are developing between supply and demand.  NAR President Chris Polychron said “the demand for buying has really heated up this summer, leading to multiple bidders and homes selling at or above asking price,” Polychron said.

Overall, we here at Aland Realty agree, as this applies to our local Seacoast area market too.  While you need to act fast if you’re a buyer and a new property comes on the market here, there are still deals to be had if you know where to look and have the right guidance.  Call us today with any questions or for buyer/seller representation!

For the full article and current national market breakdown, click here!