Existing Home Sales to Break New Record

The National Association of Realtors reported today that existing home sales should reach a record 6.5 million homes this year which is a 5.7% increase over last year's 6.1 million. Additionally, new home sales are expected to rise to a record 1.16 million homes.

Although mortgage rates are predicted to climb about 6% by the fourth quarter, the average mortgage rates for the year should be about 5.9%, which is the second lowest average since the mid 1960's.

These revised figures from last month are attributed to the recent decline in mortgage rates which creates a favorable market conditions. The number of home buyers is expected to exceed the number of sellers but increasing mortgage rates will help the situation.

Thanks for Reading.
Jessie J. Beaudoin