Home sales throughout the United States, including in New York, appear to be hot so far this summer. Specifically, sales of existing homes increased in July. This suggests that today's relatively low home loan interest rates are starting to drive residential real estate sales following a weak selling season this past spring.
Research shows that previously owned homes experienced a 2.5% increase in sales in July compared with June. This percentage translates to more than five million homes being sold. Economists had initially expected home sales to increase 2.3%, so the recent sales numbers ended up being better than anticipated.
Compared with last July, sales this year increased 0.6%. This is monumental because it is the first boost in sales following 16 straight months of declines year over year. If the interest rate remains at near-basement levels, this may continue to boost the real estate sector in the coming months. The interest rate is currently 3.77% on average, lower than the 4.46% interest rate cited half a year ago.
Because residential real estate sales appear to be on an upswing, now might be a wise time to sell a current home. Likewise, it may be a smart time to buy a house given the low interest rate. However, both buyers and sellers can run into unexpected legal hiccups during their real estate transactions, which can understandably be daunting. Fortunately, an attorney in New York can help buyers and sellers to navigate their transactions confidently and ensure that their rights are protected before they sign on the dotted line.