While summer tends to be a popular time for homeowners to buy and sell a home, new findings may show that this summer has brought one of the best housing markets in a decade. This DS News article by Kendall Baer, shares the data from Fannie Mae’s recent housing report.
The report cites Jonathan Smoke, chief economist at Realtor.com, in a piece he penned for CNBC.com, as saying this might be the “best summer for the housing market in a decade”.
The report also notes Smoke who states that low mortgage interest rates and an unemployment rate of 4.9 percent in July are some of the factors driving home sales. The report states that the unemployment rate remained at 4.9 percent in August, as reported by the U.S. Labor Department reported on September 2.
Additionally, Smoke says the employment report affirmed healthy economic fundamentals that support demand for housing. He also points to consumer confidence as a factor that favors those who want to buy a home, according to the report.
Fannie Mae’s report says that although additional data points for August are yet to come, Smoke says he believes the demand for real estate remained robust.
The report does note though that the total number of transactions continues to be held back by two key factors. Smoke is cited as saying these are limited supply and tight credit.
[Read the full article here]