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The months of April, May, and June typically account for 40% of all home sales for the year, according to Freddie Mac. And this year, sellers have the advantage—in some parts of the country, by a lot.
Home prices are going up. Wages aren’t keeping pace. And the housing supply is tight, driving prices up even faster. Lately as many as 40% of homes have sold at or above listing price, according to data from the National Association of Realtors and RealtyTrac
Americans are buying more housing but the pace of sales hasn’t yet fully recovered to pre-recession levels. Still, Freddie Mac predicts that 2015 will be the best year for home sales and home construction since 2007, when home sales totaled 5.8 million.
Inventory constraints coupled with demand for real estate are pushing prices up. Historically since 1975, prices have risen (on an inflation-adjusted basis) about 1% per year, says David Blitzer, chair of the S&P Dow Jones Index Committee.
Interest rates have stayed at historic lows for months now, and Freddie Mac is predicting increased volatility.
This year homes priced at the lower end of the market are moving quickest: only 50% of homes priced in the lower one-third were still on the market after two months, compared with 65% of higher-priced homes