The housing market is continuing a steady trend of growth as we move through 2016. Most reports agree that the current state of retail sales and housing and industrial production indicate continued growth. A strong labor market reinforces this projection, as the number of jobless claims remains lower than anticipated. The only real “blip” on the screen is the recent “Brexit” vote in the United Kingdom. Most experts agree while this offers a lot of economic uncertainty for Europe, the effects here in the US should be minimal. One benefit…the possible Fed Rate increase originally set for June, it is currently put on hold with a potential increase now projected for September Orlando title insurance company, Real Estate Closing Solutions, explains.

Homeowners are taking advantage of the growing market. New home sales far surpassed predictions. Economists expected a rise of 1.8% and then saw the number surge to an 8-year high of 16.6%. New home sales aren’t the only thing hitting a record high. The median price of a new home is up 9.7% from last year as a tight inventory continues to drive prices higher. Pending home sales are seeing record highs as well.

We’re also seeing small shifts in home sellers. While we may think of millennials in the housing market as first-time home buyers, those who have been able to afford a home are beginning to sell them. The number of agents under 30 has increased from 2% to 5%, according to the National Association of Realtors®. The market is still mostly comprised of baby boomers and Generation X, but millennials are gradually finding their foothold.

The economy is improving and rates are remaining low. If you’re looking to buy or sell a house, now would be a good time to start your search. If you’ve already found that perfect home, Orlando title insurance company, Real Estate Closing Solutions, can help you through a smooth closing process.