The predicted 2015 housing boom just keeps expanding; single-family home sales in May grew to a remarkable 7-year high. Though economists predicted sales to be at 525,000 for May, the actual number was 546,000. A staggering 21,000 more homes were sold than originally forecasted, breaking a record that hasn’t been touched since 2008.
This data comes from the research firm Capital Economics and signifies that the market is continuing to, not only rebound from the housing bubble, but grow rapidly. The main driving force behind May’s growth is an expansion of sales in the Northeast, which saw 87.5% increase in home sales from April.
So what’s the reason for the jump?
The first quarter of 2015 brought with it a 2.6% growth in wages and benefits, while around the same time, Fannie Mae and Freddie Mac – the two largest government lending agencies – relaxed their down payment requirements.
Source: USA Today