Home Prices Continue to Rise and New Home Sales Skyrocket

According to the latest Radian Home Price Index data, home prices across the US grew at an annualized rate of 6.3% over the first half of this year.  In addition, from July 2019 to June 2020, home prices have increased 8.1%, which is an increase over last month’s 7.8% year over year recording.  The uptick from last month is a welcome sign and is an indicator that home price gains are gaining momentum despite all of the challenges presented for home buying and selling during a global pandemic. 

The demand for newly built homes also continues to increase.  Sales of newly built homes jumped 55% annually in June, according to a monthly survey by John Burns Real Estate Consulting.  This large move represents the highest pace of growth sales since the height of the housing boom in 2005.  Sales of new homes were the strongest in the Northeast, with an 86% annual jump, followed by Florida, which saw an 84% jump. 

Both reports are strong indicators that the housing market is as strong as ever and is resistant to the challenges presented during the COVID-19 crisis. 

Call your Advisors Mortgage Loan Officer today to discuss the current market in more detail and to learn what you qualify for.