The National Association of Realtors has released the first quarter home sales report for 2017 and the numbers are impressive.
Total existing-home sales rose 1.4% to a seasonally adjusted annual rate of 5.64 million. This was the highest level since the first quarter of 2007, ten years ago! Second only to 2005.
First time home buyers are back in the game. The national median home sale price climbed nearly 7% year over year. Reports show the driver, demographically, are millennials. These young adults are some of the oldest age groups to pull the trigger on the American Dream. Failure to launch, The Great Recession, employment issues, and outrageous prices followed by the housing market crash all contributed.
Although mortgage rates and prices are on the rise, there seems to be no pull back in sight. This is great news for the overall economy as everyone knows when homes sell, jobs are created. In fact, after the Great Recession, I predicted the housing market would pull the country out of the troth… and it did!
Furthermore, as is the case most times, the East End markets moved conversely to National trends.
To view the Hampton Home Sales Reports visit www.TownAndCountry.com/Reports