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The housing market has just made an extraordinary stride forward in spite of the banking market turmoil. In the midst of tremendous economic strife that has left the country’s banking system in disarray, the housing sector is experiencing signs of stability and growth.
According to recently released housing reports, home sale prices across the country have recovered significantly in recent months. This is evident in the data, which shows that median house prices were 6.2 percent higher in June of 2019 than during the same month of the previous year. This marks the biggest year-over-year price increase since 2014.
The news of this upward trend in prices has helped to reduce some of the fears that have been plaguing the market for the past several years. Homebuilders and buyers alike are feeling a renewed confidence in the housing market and are investing in the industry with greater enthusiasm.
In addition to an increase in house prices, the volume of existing homes sales has also seen an important jump. Sales of existing homes have risen through the year, with a 4.3 percent increase reported in June alone. This is the highest level on record since February of 2017 and the third consecutive month of year-over-year increases.
These positive signs in the housing market are largely attributed to a strong economy and the decreasing rates of mortgage loans. With interest rates at their lowest in three years, homebuyers are able to take advantage of more favorable borrowing conditions. In addition, the current tight labor market is also putting more Americans in a position to buy a home.
The news of the growth of the housing market is certainly a welcome sign in the midst of years of turmoil in the banking market. This newfound stability and growth demonstrate that, although the banking industry is still struggling with the ramifications of the financial crisis, the housing market is showing strong signs of recovery.