Last month existing home sales increased by 1.1% nationally, this rise is attributed more first time home buyers re-emerging in the market and fewer investor sales. 33% of sales last month were to first time home buyers, that is the most we’ve seen in the last 4 years. The increase in first time home buyers can be credited to sustained job growth and low mortgage rates, especially in the South and Midwest.
However, inventory is still quite low across the country and prices are expected to rise. Nationally median home prices have increased 4.8% from June of last year. June unsold inventory is at a 4.6 month supply, down from a 4.7 month supply in May. Average days on the market is 34 days, uncahnged from last year. Foreclosurea and short sales are down 2% from last year. Cash sales still comprise 22% of the market, uncahnged form last year.