Despite higher price tags, many sellers are fielding multiple offers from buyers eager to take advantage of historically low-interest rates that can shave hundreds of dollars off mortgage payments.
Home sales soared in July, continuing a stunning rebound buoyed in part by buyers seeking a more comfortable home in the midst of the coronavirus pandemic.
"Unfortunately, home prices have also soared in the last year, a consequence of high demand, relatively low supply and low interest rates,'' Robert Frick, corporate economist for the Navy Federal Credit Union, said in a statement."This puts homeownership further out of reach for lower-income Americans and even middle-income Americans in some markets. That lower-income Americans have been hurt more by the pandemic just makes that situation worse.
Buyers on average are signing a contract to purchase a home 22 days after the property went on the market, the fastest turnaround ever, Yun said.
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