With the strengthening of U.S. employment, economists are feeling more confident about the housing market in the coming two years.
What’s going to be fueling the fall real estate market? We appear to be finding out already.
According to RealtyTrac, the median price of residential properties that includes distressed and non-distressed sales was $191,000. This is not only a 3% increase in July from June and an increase of 12% from where it was last year, it’s the highest level for home prices since September 2008.
The National Association of Realtors (NAR) reported last week that existing sales rose at their fastest rate since last September, indicating the housing market is “bouncing back after a sluggish first half of the year.”