New homes purchased at a higher rate in June

New homes sales increased significantly in June.With limited existing inventory, new home sales might have picked up in the Houston real estate market during June.Nationally, sales levels reached a seasonally adjusted annual rate of 497,000, an 8.3 percent bump from the previous month and 38.1 percent year-over-year increase, according to the U.S. Department of Housing and Urban Development. New sales came in higher than expected, as economists surveyed by Bloomberg called for a gain to 484,000.”It's a builders market,” Stuart Hoffman, chief economist at PNC Financial Services Group, told Bloomberg. “The housing market is poised for further gains and is a key component of the U.S. recovery overall.”With mortgage rates on the rise for much of the past couple of months, it wouldn't have been a surprise to see sales fall slightly, but that wasn't the case. In fact, higher interest rates actually pushed sales up, as buyers attempted to enter the market before affordability takes a major hit.?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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