Friday, August 21, 2009

NAR: Sales rise for 4th straight month - Prices down 15%

  • National Home Sales were up for the fourth straight month, but compared with a year ago, prices of homes sold were down 15%. Signs that the housing market is recovering.

    tags: home sales, median, prices

    • Sales of previously owned homes rose for the fourth straight month in July -- a streak that hasn't occurred since June 2004

    • The median resale home price dropped 15.1 percent in July compared to the same month last year
    • distressed homes "continue to weigh down the median price. Another reason this price continues to drop is because a larger percentage of buyers are first time home buyers, and they purchase the more affordable homes.
    • price-to-income ratios have fallen below historical trends, there are more all-cash offers.
    • some recovering markets like San Diego, Las Vegas, Phoenix, and Orlando, the demand for foreclosed and lower-priced homes has spiked, and a lack of inventory is becoming a common complaint
    • First-time Home Buyer Tax Credit is also helping to boost sales

Posted from Diigo. The rest of my favorite links are here.

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