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The National Association of Realtors said Thursday that sales of existing homes rose 2 percent last month, the fastest rate since February 2007. Sales have jumped 9.6 percent over the past 12 months, while the number of listings has declined 4.7 percent.
However, despite the higher sales, more Americans are choosing to rent. The share of the U.S. population who owns homes so far this year has fallen to 63.4 percent, a 48-year low, according to the Census Bureau.
The vacancy rates among single-family rentals remained relatively flat month-over-month despite a general trend of a rising number of lease expirations. This information is based on the June 2015 Single-Family Research Performance Summary covering all Morningstar- Rated Securitizations.
“Vacancy rates generally remain low, cash flows remain sufficient to cover bond obligations, and the asset class mostly shows performance in line with its recent history,” Morningstar said in this report.