Home sales fell in July, but still managed to hover over last July's levels and reach new heights not seen since 2008, according to the RE/MAX July 2015 National Housing Report released Tuesday. Home sales over the last six months, including July, have each recorded the highest number of sales in their respective months since the RE/MAX National Housing Report began in 2008.
The average number of home sales were 3.2 percent lower than in June in the 53 metro areas surveyed, but 11.3 percent higher than sales in July 2014. The report also found that the median sales price of all homes sold in July was $215,000, 4.3 percent lower than the June 2015 price, but 6.4 percent above the price seen last July.
The aging baby boomer population is something that is expected to affect both single family and multifamily housing markets, according to David Brickman, EVP of multifamily business at Freddie Mac. Brickman highlights that as the population ages, there will be a massive need for housing that offers affordability, accessibility, support services, and community over the next 10 to 20 years.The report noted that nearly one-quarter of the U.S. population will be age 50 or older by 2030, nearly 39 million adults will be between 65 and 74 years, and by 2035, the number of households aged 80 or older will have doubled since 2010.