July Homes Sales Rise 7.2%
The National Association of Realtors said today that home sales rose 7.2% to a seasonally adjusted annual rate of 5.24 million in July, from a pace of 4.89 million in June. It was the 4th straight monthly increase and the highest level of sales since August 2007. Sales had been expected to rise to annual pace of 5 million, according to surveyed economists. July's increase to 5.24 million was higher than anticipated. "The housing market, with today's strong rise in sales, has decisively turned for the better," said Lawrence Yun, the chief economist for the National Association of Realtors.
National the median sales price is down by 15 percent to $178,400. Sales of foreclosures & distressed properties make up about a third of all transactions in July which is down from half of all transactions from earlier this year. In several markets across the US - buyers are purchasing foreclosed properties at deep discounts.
The tax credit for first time buyers - also seems to have helped sales. In order to qualify for the First-time buyer tax credit - homes must be CLOSED by November 30, 2009. The tax credit is for 10% of the purchase price upt to a maximum of $8,000. And while it is billed for the first time buyers - you may qualify if you haven't owned a primary property for the past 3 years.
The 9.4-month supply of current inventory at the current sales pace is unchanged from June.
