September, 2003
Inspection News and Views from the American Society of Home Inspectors

Single-Family Homes Still Selling at Record-Breaking Pace


As the first half of year drew to a close sales of existing single-family homes were still at one of the strongest levels on record, according to the National Association of Realtors®. David Lereah, NAR’s chief economist, said low interest rates continue to fuel the market.

“The strong number of existing-home sales is consistent with high levels of mortgage applications, new home sales and housing starts,” he said. “The slight easing of sales in June may reflect some weakness in the labor markets, but historically low mortgage interest rates are helping new households to afford homes and allow existing owners to sell their homes and purchase another – this is the primary reason we expect a new sales record this year.”