Sales of previously owned homes reached a peak in late summer, creating a momentum finale for 2015. Existing home sales accelerated as the year-end neared, indicating a pace of more than 5.5 million, according to the National Association of Realtors, making last year the strongest since 2007, just prior to the Great Recession.
Despite a late summer lapse — ascribed to a stock market selloff, interest rate uncertainty and general global domestic pessimism — pent-up demand sprang forth in the final months, with overseas investors and a slightly weaker dollar making American pre-owned homes an increasing focus of foreign money. Also playing a role was the tendency of top-tier homeowners to refurbish their residences with solar power, standby power generators and recreational supplements, such as whirlpool baths and swimming pools, plus standard enlargements.