Tuesday, September 1, 2009

CNN Reports Record Home Re-Sales

CNNMoney recently reported that July 2009 marked the fourth consecutive month of rising sales of existing homes, especially in the North and Southeast. Credited to factors such as the first-time buyer tax credit and higher affordability (prices have fallen over 32% from 2006), sales saw the largest monthly gain on record to date after rising 7.2% from the month of June, and an additional 5% from July. NAR’s economists are also predicting a continuation of this trend in home sales and prices due to the consistently high national inventory; however, the Dec. 1 tax-credit deadline has many speculating a potential halt in the recent sales trend.

Locally, pending sales for July were at the second highest level during this year, listings were just above the level seen in January, days on the market was at the second lowest average during this year, and the current supply of housing is at its lowest level compared to the prior six months.

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