According to Realtor.com home sales are continuing to increase, as first-time homebuyers continue to enter the market. Recent data from the National Association of Realtors (NAR) found that first-time buyers have pushed home sales for the month of May to their highest levels since 2009.
First-time buyers in May represented 32 percent of all sales, up from 30 percent in April and 27 percent a year ago.
NAR's chief economist Lawrence Yun believes this can be attributed to, "strong job gains among young adults, less expensive mortgage insurance, and lenders offering low downpayment programs."
Overall house sales, sold by regular people and not developers, increased by 5.1 percent from April, to an adjusted annual rate of 5.35 million in May. 45 percent of homes sold in May were only on the market for less than a month.
A continued projection for this market is fast sales and high prices. As home sales continue to surge, the median price of homes also continues to rise. This number currently sits at about $228,700 nationally, nearly 8 percent higher than the previous May.
This is currently the 39th consecutive month of year-over-year price gains, which shows little to no signs of slowing down. Many experts believe this will also attract first-time buyers as the market continues to offer lower down payment options and assistance programs for closing costs.
As the housing market continues to change, be sure to check back here for the latest realtor tips and home energy efficiency changes. Schedule a consultation with a home inspection company, such as Alban Inspections, for more information or check out our website.