Step aside, spring. Summer is becoming the new hot season for home buying, according to a Florida Atlantic University economist.
Competition fueled by low inventory and interest rates and high prices will likely continue to push home sales figures higher this year, according to Ken Johnson, an associate dean at FAU's College of Business in Boca Raton, Fla. And that's not the only factor that will drive the buying frenzy that Johnson expects in the coming months.
"Sellers are also looking to sell over the summer, particularly if they have children and want to get a deal done before school starts again," he said in a news release Tuesday.
While Johnson did express concerns about some cities that have been hot markets for a while now, such as Dallas and Denver, overall he expected home prices to continue their upward climb.
"In some cities, especially in the Midwest, prices have plenty of room to go up," Johnson said.
Those high prices could make homes harder to sell in some markets though — but Johnson said that this shouldn't be cause for concerns.
"In markets like South Florida, Seattle and Portland, you may find you're going to start to see lower probabilities that you'll be able to successfully market your property," he said. "But while you may see extended marketing time and prices going flat, there's no reason to believe there's going to be a big dent in prices in these cities."
