Wednesday, August 29, 2012

Existing Homes Sales Improve as Prices Rise

According to the National Association of REALTORS®, resales of single-family homes, townhouses, condominiums and co-ops increased 2.3% in July from June to a seasonally adjusted annual rate of 4.47 million after an unexpected fall in June.

Resales jumped 10.4% compared with the same month last year. Economists at the association believe sales could reach 5 million next year.

Nationwide, prices have increased substantially, with the median rising 9.4% from a year ago to $187,300 last month. The increase is the largest since a 10.2% boost in January 2006.

According to economists, demand is stronger due to low mortgage interest rates and rising rents.  Distressed homes, which include foreclosures and short sales, made up 24% of sales in July, down from a quarter the previous month and nearly 30% a year earlier.

The median price of a single-family home was $188,100, up 9.6% from the same period in 2011. Sales of such properties rose 9.9% over the same period to an annual rate of 3.98 million.

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