Demand for homes in the US pushes sales higher
By Steve Binge

Demand for homes in the US pushes sales higher

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The volume of sales of US residential property increased by 2.3 per cent in July, compared to June, and by 10.4 per cent on an annual basis.

Low mortgage rates and rising rents have combined to help "unleash pent-up demand", chief economist at the National Association of Realtors (NAR) Lawrence Yun stated.

According to the organisation's figures, only the west of the US failed to see the number of home sales rise, which was attributed to the "very tight" inventory in the region.

Mr Yun explained that, although there has been improvement in the US real estate sector recently, it could be doing better.

"The market is constrained by unnecessarily tight lending standards and shrinking inventory supplies, so housing could easily be much stronger without these abnormal frictions," he asserted.

Managing director of Colordarcy Loxley McKenzie recently suggested investors looking for a property Stateside should consider Florida.

The property expert commented that the state offers opportunities for "strong rental yields", while real estate values here are also starting to increase following the economic downturn.

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