It appears that new home sales have fully shaken off the period of declines that saw sales drop in April, May, and June. That streak ended in July when new home sales held steady. And things got even better in August.
Those looking for a change of pace in home prices are out of luck, as it's much the same as it has been for many months now: house prices continue increasing at a record-breaking pace.
Based on the most recent data, it looked like home sales were set to slow a bit as the weather cooled off. Then August happened. And now it looks like home sales are ready to speed up instead.
For many people, there comes a time when they feel they are ready to buy a home of their own. However, that time may not be the same for everyone.
With inventory for existing homes consistently running well behind historical norms, homebuyers are increasingly pivoting to buying a newly built home instead.
Existing home sales have been on a bit of an upswing of late, climbing in both June and July thanks to modest increases in available inventory. That trend reversed itself in August.
Earlier this year, Fannie Mae and Freddie Mac enacted new policies that limited the number of second home and investment property mortgages each of the companies could acquire as part of a government effort to allow the companies to retain more capital. Those limits are now no more.
Considering what's been going on in the world for the last several months, there are probably quite a few people who are considering selling their homes and finding one that better suits their needs.
Given the rise of remote work over the last 18 months, it can be argued that vacation homes have never been more popular than they are right now. A recent report from the National Association of Realtors showed that vacation home sales were up by more than 16% last year and were up by an astonishing 57.2% in the first four months of this year.
A recent report showed that cash-out refinances hit a 15-year high in the second quarter. That trend shows no signs of slowing down.