Finally, some good news to report! The latest home sales statistics, as reported by NAR, gives hope that we may finally be through the worst of the market. Most likely, these numbers are due in part to the $8,000 tax credit being offered to qualified buyers. Also, many buyers are taking advantage of the great deals out there, as well as extremely low interest rates (5.25% versus 6.5% one year ago).
Washington, August 21, 2009
For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.2 percent to a seasonally adjusted annual rate1 of 5.24 million units in July from a level of 4.89 million in June, and are 5.0 percent above the 4.99 million-unit pace in July 2008. The last time sales rose for four consecutive months was in June 2004, and the last time sales were higher than a year earlier was November 2005.
And while the inventory of unsold homes remains lofty, it was reported at its best level in a year.
Remember: the $8,000 tax credit is soon to expire. As of today (8/24/09), we only have 98 days left for a buyer to 1) find, 2) qualify for a loan, 3) negotiate an offer and 4) close on a home. The clock is ticking – who do you know that I could help take advantage of this great opportunity?
