For the Week Ending June 24, 2016
Existing home sales rose to a nine-year high in May. The housing market has been supported by low mortgage rates and a strong labor market.
However, despite rising for 3 straight months, existing home sales remain constrained by inventory. Strong demand continues to drive home prices higher.
Homebuyers struggling to find their dream homes because of limited inventory are buying and renovating instead. Over 25% of renovations are by new homeowners.