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Real Estate Sales Bounce Back in June – Daily Flash Briefing

July 22, 2021 by Bautis Financial
June 2021 Real Estate Numbers

After a four month home sale decline, reports from June 2021 bring good news for the real estate market.

The real estate market has been a hot topic since the COVID-19 pandemic began in 2020. Mortgage rates were reduced, due to the state of the economy, which helped offset the sting of higher prices. Because of this, U.S housing gained about $2.5 trillion in value last year — the most in a single year since 2005, according to a Zillow analysis.

However, home sales declined between February and April as home prices hit all-time highs.

The National Association of Realtors just released June 2021 home sale numbers, and we’re happy to report that the month brought a 1.4% increase in home sales (to a seasonally adjusted 5.86 million dollars), ending the four-month decline. The results missed analyst expectations by .3%, but remain above activity seen before the COVID-19 pandemic.

What’s more, the median existing-home price for all housing types in June hit $363,300, the highest level recorded since January 1999.

Yahoo Finance spoke with Lawrence Yun, NAR chief economist, about the recent data. “At a broad level, home prices are in no danger of a decline due to tight inventory conditions, but I do expect prices to appreciate at a slower pace by the end of the year,” Yun said. “Ideally, the costs for a home would rise roughly in line with income growth, which is likely to happen in 2022 as more listings and new construction become available.”

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Category: Finance News, Real EstateTag: COVID-19, Home Sales, Housing, Housing Market, Real Estate Market
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