Although we typically view summer as the hot time to buy and sell houses, last week CNBC reported that homebuyers were jumping back into the homebuying game as mortgage applications rose.
According to the CNBC report by Diana Olick, a real estate reporter, last week’s jump could be accredited more toward homebuyers than refinancers. The purchase market altogether is “supported by an improving U.S. labor market. Newly released data from the U.S. Census this week indicate that the median income increased by 5.2 percent last year, the highest rate of increase since 2007”, cites Olick of Lynn Fisher, MBA’s vice president of research and economics.
So what does this mean exactly? As wage growth continues, strength may also linger with the purchasing market.
We also wrote last week about how now (that is to say, fall) could be the perfect time for you to buy a home – check out Fall: A Buyer’s Market here.