Experts report that the past month, new single-family home sales rose to 13.8%, a seasonally adjusted rate of 776,000, which is the highest rate since 2007.
Sales have gone up 6.9% from last year. According to the Mortgage Bankers Association, this increment has been the highest in 13 years.
Homebuyers were highly influenced by low mortgages and the current low inventory of existing homes, therefore, choosing to buy a new single-family home seems the smart choice.
Sales of new homes increased 7% year-over-year, and almost every U.S. city-- except those in the South-- went back to "normal" has a sales pace much highest than a year prior.
There were 307,000 new properties available on the market, a supply of 4.7 months at the current sales rate. The average selling price of new single-family homes was $384,700 and the median was $329,200.
COVID-19 still brings uncertainty into the real estate market and no expert can predict its long-term behavior, however, it is clear that buyers are rushing to purchase property as bidding wars are prevalent across the country.
See the chart below to learn how sales of new property did in the real estate market in June.
(A look at single family statistics in Massachusetts as of July 30, 2020)
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