Also, median home prices increased 1.4 percent in June to $142,000, compared to June of 2011.
“In a national economy that has not yet seen the kind of growth rates that typify most economic recoveries, it’s encouraging to see such strong growth in home sales over the last 12 months,” said Rob Keefe, chairman of the WRA Board of Directors.
“With 30 year fixed rate mortgages falling to 3.68 percent in June, housing in the state remains very affordable,” said WRA President and CEO, Michael Theo. “It’s clear that the conditions are ideal for consumers and if the economy continues to improve, then we are likely to see continued moderate upward movement on home prices.” said Theo.
However, consumers need to be confident that the economy is going to continue to improve, Theo said.
“Consumer confidence has taken a hit in the last couple of months and the national recovery has been painfully sluggish,” said Theo. “So long as the national economy doesn’t slip into another recession, we think that the state is well positioned to sustain the strong growth in home sales and modest price appreciation we’ve seen so far this year.”