Record loan rates boosted home sales contracts in August, as the U. S. housing boom showed no signs of a high.
The National Association of Real Estate Agents’ finishing house sales rate rose 8. 8% last month to a record 132. 8, according to knowledge published Wednesday. Reading marks a fourth consecutive accumulation per month for the index, and the top 4 REGIONS of the US and the United States. But it’s not the first time They’ve shown an expansion until the end of summer.
Economists surveyed through Bloomberg expected 3. 1%.
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“Extremely low loan rates contributed to the increase in home sales in August,” Lawrence Yun, NAR’s leading economist, said in a statement.
He continued: “While I really expected the housing sector to be solid due to the economic closures caused by the pandemic, I am pleasantly surprised to see the industry’s recovery so strongly and quickly.
The hot series also enjoys the Fed’s strength for the foreseeable future. The central bank reported in mid-September that near-zero interest rates will last until 2023. This accommodative policy and its effect on loan rates “will certainly help homebuyers continue. “to enter the market, ” said Yun.
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Still, the trend may be in its final stages: if the speed of new home sales does not decrease, the source will run out in just 3. 3 months, according to the Census Bureau. It is the smallest window of knowledge dating back to 1963.
The imbalance between and demand is already raising prices.
Without a doubt, record sales of waiting houses are guaranteed to generate such physically powerful sales. Not all contracts that lead to closures and diversification in sampling length can distort the final reading, Yun said. the recovery of the market is cooling.
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