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US Home Sales Hit All Time High in 6 ½ Years

October 22, 2013 / usifredo

US home sales hit an all time high in 6.5 years August 2013, causing a surge in homebuyers to re-enter the market. Buyers are not only taking advantage of the newly rebounding prices, but also the cheap borrowing costs among mortgage rates.

The National Association of Realtors reported that home sales increased 1.7 percent Thursday, September 19, 2013, to an annual rate of 5.48 million units sold in August. This rate is the highest it has been since February 2007. This housing recovery has helped the economy resurface by bolstering household finances and supporting consumer spending.

Mortgage rates have begun to rise over the past few months, pushing buyers to close deals as fast as possible to lock into the current lows. The rate for a 30-year fixed rate loan was 4.5 percent, as of September 19, 2013.

The rate in home buying has resulted in a moderate housing shortage. Lawrence Yun, NAR chief economist, stated “There’s an ongoing housing shortage. I don’t anticipate this shortage to go away.”

The months’ supply of housing (4.9 months of supply) remained below the 6 months that is normally considered as a healthy balance between supply and demand.

The median home sales price in August rose 14.7 percent from this time last year, fetching a price of $212,100.

Furthermore, distressed properties, foreclosures and short sales, which typically occur at deep discounts, accounted for approximately 12 percent of overall sales last month, the lowest since NAR began tracking the data in 2008.


国家房地产经纪人协会报告指出,2013年9月19日周四,住房销售量增加 1.7个百分点,并达到8月销售548万个单位的年增长率。这是自2007年2月以来最高的增长率。房产市场恢复已通过帮助支撑家庭财政和支持消费者花费以使得经济复苏。


购房低利率也造成了适度的住房库存量短缺。全美不动产协会首席经济学家Lawrence Yun表示“我不认为现在房屋短缺的情况会消失”。




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