With a worldwide health crisis that drove a pause in the economy this year, the housing market was greatly impacted. Many have been eagerly awaiting some bright signs of a recovery. Based on the latest Existing Home Sales Report from the National Association of Realtors (NAR), June hit a much-anticipated record-setting rebound to ignite that spark. According to NAR, home sales jumped 20.7% from May to a seasonally-adjusted annual rate of 4.72 million in June:
This significant rebound is a major boost for the housing market and the U.S. economy. According to Lawrence Yun, Chief Economist for NAR, the momentum has the potential to continue on, too:
With mortgage rates hitting an all-time low, dropping below 3% for the first time last week, potential homebuyers are poised to continue taking advantage of this historic opportunity to buy. This fierce competition among buyers is contributing to home price increases as well, as more buyers are finding themselves in bidding wars in this environment. With so much to offer Las Vegas, NV is a great place to buy a home. We have the Raiders football team, we have the Vegas Golden Knights, many restaurants and so much more!
Bottom Line
Buyers returning to the market is a great sign for the economy, as housing is still leading the way toward a recovery. If you’re ready to buy or sell a home this year, reach out to me, a local Realtor. I will make sure you have the best possible representation throughout the entire transaction and after.
Las Vegas, NV Real Estate- Traci Bassler Realtor in Las Vegas, NV with EXIT Realty Number One. I’m here to help you make an informed decision when buying or selling a home. Specializing in North and Northwest Las Vegas. Call me directly at 702-717-0770. My goal is your real estate goals, and to provide you a pleasant experience.