Real Estate Market Trends

New Home Sales in June Highest in 8+ Years

The real estate market across the country continues to sizzle along with the outdoor temperatures! In June, new homes sales rose to a seasonally adjusted annual rate of 592,000, representing an increase of 3.5% compared to May. The numbers include only single-family homes and were reported in data released by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The month-to-month increase is especially impressive considering May's numbers were revised upward as well.

Building a New Home? Have Patience.

Everyone has fantasized about building their dream house, but not everyone has considered how long such an endeavor takes. New data from the U.S. Census Bureau's 2015 Survey of Construction may help you find the answer! The report determined that, on average, single-family homes built in 2015 took about seven months to complete, including an entire month just to get the construction permit! However, there were significant differences in timeline between different regions and different building scenarios.

Mortgage Rates Fall Sharply After Brexit

The decision by the United Kingdom to leave the European Union (referred to as "Brexit") rocked the world just last week, leaving a great deal of uncertainty in financial markets. However, many experts predicted that this news could actually benefit the U.S. housing market in the short and medium term. With the immediate effects of Brexit in the books, the move has had the expected results of rapidly decreasing interest rates, making homes more affordable for millions of Americans!