Sales of new residential homes hit a new high in June, rising 8.3 percent over the previous month, announced the Department of Commerce on Wednesday. As Americans rushed to buy homes before the expected mortgage rates increase this year, the nearly half a million home sales last month have contributed to job growth on job site Hound.com.

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Home Sales Climb in June, Driving Job Growth on Hound.com
Home sales rose 8.3 percent in June, based on Commerce Department data released
Wednesday. The spike in activity has spurred job growth in the real estate and financial sectors
on Hound.com.
Pasadena, CA (PRWEB) July 26, 2013 -- Sales of new residential homes hit a new high in June, rising 8.3
percent over the previous month, announced the Department of Commerce on Wednesday. As Americans
rushed to buy homes before the expected mortgage rates increase this year, the nearly half a million home sales
last month have contributed to job growth on job site Hound.com.
June residential home sales were at 497,000, based on Commerce Department figures released Wednesday.
This was 8.3 percent above May 2013 rates and an astounding 38.1 percent over June 2012 rates, when the
market was beginning to recover. Home prices also climbed, with the median home price in June at $249,700
and average price at $295,000. The spike in sales was a result of consumer fears that the record-low mortgage
rates could rise quickly over the next year.
Much of the home sales last month can be attributed to the June 20th announcement by Fed Chairman Ben
Bernanke that the Federal Reserve will ease off its stimulus measures in the upcoming months. The
announcement sparked anxiety among consumers, who rushed to take advantage of the historically-low
mortgage rates before they increase. In the days immediately following the Fed announcement, the mortgage
rate shot up over a percent from its May rate 3.35%. The spike in home purchases last month indicated that
many consumers aretrying to buy homes now before rates climb further.
Real estate activity continued to drive job growth in the U.S. economy. No other industry has spurred economic
growth as much as the real estate sector, and plenty of other players have benefited from the busy housing
market. On Hound.com, demand was strong for mortgage loan officers, real estate attorneys, and real estate
agents. While demand has predictably risen for professions like real estate agents and brokers, home sales have
also pushed growth in the banking and financial services sector, as well as the legal industry.
Particularly when short sales or more complicated loans are involved, the expertise of a real estate finance
lawyer is often needed to negotiate lending agreements. Loan officers are needed to process loans and ensure
that the lending process goes smoothly. With the rise in home sales, many businesses found that their current
staffing needs did not allow them to process home purchases in a timely or expedient fashion. Real estate hiring
is expected to remain strong as long as current market activity continues to pick up.
About Hound
Hound.com is a job search site based in Pasadena, CA. It is a part of the Employment Research Institute and
owned by A. Harrison Barnes.

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Contact Information
Andrew Ostler
Hound
http://www.hound.com/
+1 (626) 243-1800
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