July is notorious for being a particularly challenging month for the real estate industry. That was not the case this year, however, as the housing market heated up last month more so than it has in years past.
A recent Realtor Magazine article highlighted Jonathan Smoke, Realtor.com’s chief economist, theory that there are several factors that have made this summer one of the best in a decade, including the fact that this year we experienced:
- The highest rates of consumer confidence for the month of July since 2007
- The highest nominal home prices for the month of July on record
- The lowest month of July mortgage rates on record
Additionally, the presence of millennials on the market increased this summer too. Realtor.com reports that in July of 2015, 75%of its 25- to 34-year-old users were looking to purchase a home. Last month, that percentage had jumped to 81 percent.