U.S. home sales posted the highest increase in 10 years, according to the National Association of Realtors (NAR) statistics. Worth noting, is that this is the 4th straight month of increased sales. Also worth noting from the other end of the spectrum, is that the median sales price is down 15% from the same month last year, from an average of $210,000, to $178,000. This is both good and bad: good in that housing affordability has improved greatly, bad in that so many individuals have lost equity (albeit, much of it ghost, or shadow equity).
The primary surge in home sales is being driven by first-time homebuyers.
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