Home sales are rebounding with "employment gains and summer vacations" motivating potential homebuyers to hit the market, according to an industry expert.
About 708,000 homes sold throughout the month of July, a 1% increase from the previous month, "driven by double-digit gains in the West," according to George Ratiu, Realtor.com manager of Economic Research.
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Ratiu noted, however, that homebuyers are in the market for existing homes rather than doling out funds to build a new home, which had been a common trend over the pandemic.
Over the past year potential home buyers sought new homes "due to a historically-low inventory of existing homes and shifting preferences for larger homes, backyards and suburban neighborhoods." Now, they're seeking a more affordable option, especially as prices of new homes remain elevated due to lumber costs.