Photo Credit: Miami New Times
The weather wasn’t the only thing hot in July! The real estate market in July was also on fire. Jonathan Smoke, chief economist for realtor.com talked about the real estate market in July 2016. Here are some positive statistics that the real estate market in July saw:
- Highest consumer confidence for a July since 2007
- Highest nominal home prices for a July in history
- Likely the lowest July unemployment figures since 2007 (we’ll know for sure on Friday)
- Lowest July mortgage rates ever
Smoke wrote that millennials, aged 25 to 34, increased activity in real estate. Realtor.com reported that 81 percent of their users in that age group were looking to buy homes. This was an increase from 75 percent the year earlier. There were also 1 percent more listings in July than in June. Mortgage rates are also still historically low. However, more buyers did report that they were harder to get this year than did last year.
“The good news for would-be buyers who have struggled to find a home or have been outbid in prior attempts is that the balance of power shifts a bit more in your favor in late summer and fall,” Smoke writes in his column at realtor.com. “This is the time of the year when sales slow down, but inventory is at its peak. That means there are more homes for sale per buyer now, and yet mortgage rates remain close to their all-time lows. The window to enjoy the best summer in a decade for real estate remains open for the well-qualified and those ready to act.”
Like Smoke said, if you are qualified and ready to act on your dream home in Miami, contact me today! If the real estate market in July was any indication, this summer is your time to buy a home.