Market Updates, National News
July Existing Home Sales Report
August 29, 2010 by Pat Williams · Leave a Comment
“Consumers rationally jumped into the market before the deadline for the home buyer tax credit expired. Since May, after the deadline, contract signings have been notably lower and a pause period for home sales is likely to last through September. However, given the rock-bottom mortgage interest rates and historically high housing affordability conditions, the pace of a sales recovery could pick up quickly, provided the economy consistently adds jobs.”
Lawrence Yun, Chief Economist for the National Association of Realtors.
Once the tax credit ended, the market quieted… until two weeks ago. Here on the street, I’ve been running in a non-stop flurry of activity. In checking with a few other midwest real estate agents, they are experiencing the same increase in market activity. I’m looking forward to seeing the next Pending Sales Report to see if this was a regional or national activity spike.
Nationally we have a 12.5 month supply of homes available for sale on the market. This is an increase from the 8.9 month supply just a month prior.
Here in the Midwest, July existing-home sales dropped 35%. The median price has declined 2.8% over the same time last year.
Watch the entire report here:
