Existing Homes Sales At Eight Year High

Posted by John Sabia on Wednesday, July 29th, 2015 at 7:12am.

The National Association of Realtors® release findings that during the month of June, existing home sales reached their quickest stride since February 2007. Sales increased 3.2 percent higher than the previous month and are currently just under 10 percent higher that they were last year at this time.

NAR's® chief economist, Lawrence Yun indicated 2015's springtime buying season has yielded the strongest results since the market downturn. According to Mr Yun, “Buyers have come back in force, leading to the strongest past two months in sales since early 2007. This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that's giving households the financial wherewithal and incentive to buy.”

It is also speculated as mortgage rates rose, home-buyers who were sitting on the fence were convinced this was the time to buy. Regardless of the reason that prompted this year's spring sales season, the increase in buyer interest - along with a limited supply of houses and condos for sale has reduced significantly the amount of days an average home stays on the market for sale.

On average, NAR® found nationwide that homes for sale only lasted on the market for 34 days, which is the quickest amount of time since NAR® began tracking in 2011 and six days shorter than in May of this year, when the average days on the market was 40 days.  

Fort Lauderdale's numbers are not as good for home sellers, but they are still very positive. In June, the average days on the market for all single family homes for sale in Fort Lauderdale was 90 days. The average days for Watefront homes for sale in Fort Lauderdale was 100 days. Luxury Homes remained on the market on average 140 days.

During same period, the average days on the market for all townhouses and condos for sale in Fort Lauderdale was 129 days. The average days on the market for Fort Lauderdale Beach and Oceanfront condos for sale was 184.  Downtown Las Olas condos remained on the market on average 119 days.

photo of sign for sale

John Sabia

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