Will 2016 Be the Housing Market’s Best Summer Ever?
Summer is normally a popular time to buy or sell a home. But this season’s strong housing and economic data may make it the “best summer for the housing market in a decade,” declares Jonathan Smoke, chief economist at Realtor.com, in a piece he penned for CNBC.com.
Smoke points to low mortgage interest rates and an unemployment rate of 4.9 percent in July as factors driving home sales. The unemployment rate remained at 4.9 percent in August, the U.S. Labor Department reported on September 2.
Smoke says the employment report affirmed healthy economic fundamentals that support demand for housing. He also points to consumer confidence as a factor that favors those who want to buy a home.