The sales of homes in Florida and other parts of the United States are apparently experiencing a strong summer season. This is because residential real estate sales specifically went up during the month of July after a more dismal spring home-selling season. According to industry experts, the low mortgage interest rate today is causing a boost in home sales.
Research indicates that sales went up 2.5% for current homes in July when compared with the month of June. In other words, five million more homes were sold in July. This is welcome news to economists, who did not think that sales would increase more than 2.3% between the two months.
When comparing July sales this year with sales at the same time last year, researchers found that sales increased 0.6%. This happens to be the first sales increase after 16 months of sales decreases year over year. As long as interest rates remain low, a good sales trajectory can be expected in the next several months. Right now, interest rates are under 4% compared with almost 4.5% several months ago.
Considering the current health of the residential real estate market and the interest rate, aspiring home buyers may be wise to jump into the market and begin looking for homes to purchase. Likewise, sellers may want to try to unload their properties. Of course, dealing with the legal aspect of any real estate transaction can be complicated and intimidating. However, an attorney in Florida can provide the direction needed to navigate their legal matters with confidence and thus ultimately achieve their real estate goals.