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The National Association of Realtors announced the indices today regarding pending home sales and they show that they are at a record high not witnessed since April 2006. Median existing home prices for all housing reached peak prices set in 2006 and buyers are proving to come back in full force with an incredible pace. Chief economist Lawrence Yun of NAR has called this spring's buying the strongest since the downturn. A rise in mortgage rates encouraged some buyers to buy now rather than wait for prices to come down. Total aggregate sales of resl estate were up 3.2%.

Inventory on a national level remains low, however it is up slightly from a year ago. With inventory low, the bidding wars are becoming fierce. Properties are selling faster, and 47% of homes sold in less than a month in June with propertries typically on the market 34 days. One of the reasons sellers who would consider selling at the moment are not selling is that they are concerned with finding affordable housing post move. In Miami, this could not be more apparent and has led to a rash in new development, totally over 65. New homes are also being developed in Miami. For information on New Homes in Miami, contact me today!

 
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The National Association of Realtors announced the indices today regarding pending...