Last month in August, home prices rose to the highest peak that we've seen since 2007 despite a projected decrease caused by rising interest rates. In fact, the actual impact of the rising interest rates from May to June has only just become clear. The National Association of Realtors' home sales report basis statistics off of closed transactions, typically contracts that were signed two months prior to the posted statistic. Therefore, previous reports did not show the actual impact of increasing rates until recently creating a surprised stir in the market. The expected adjusted annual rate had been approximately 5.25 million, but the actual rate was clocked at 5.39 million. Home sales have also been higher than last year's levels for a continuous 26 months. The chief economist ...
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