Used Homes

Good news this week in the existing home resale market both nationally and locally.


Sales of previously owned homes in the United States increased at a faster-than-expected annual pace in June, an industry survey showed Thursday, the third straight month of gains.
The National Association of Realtors (of which I was a proud member) said sales rose 3.6% to an annual rate of 4.89 million units from a downwardly revised 4.72 million pace in May. June's reading compared with forecasts for a 4.84 million unit annual pace.


The NAR said it was the first time the industry had experienced three straight months of gain since early 2004, providing some hope the higher data indicate an underlying trend. I'm sure the NAR is more than happy to be reporting some good news on any front, and this is encouraging. If you are a Real Estate Broker or Agent here is a list of opportunities to list and sell distressed properties, Click Here! foreclosures, pre-foreclosures and short sales.


The inventory of existing homes for sale declined 0.7% to 3.82 million in June. The median national home price fell 15.4% to $181,800 from the same period a year ago.
"Overall, the news is positive. We have increasing home sales for the third straight month, declining inventory and although prices fell, they declined at a less steep pace," Lawrence Yun, NAR chief economist, told a press conference. "The housing market is healing after four years of recession," he said.


He said the inventory of previously owned homes for sale represented 9.4 months' supply at the current pace of sales, down from 9.8 months' in May.


This was still above the historic average of six months' supply, which Yun said was consistent with a national price appreciation of around 4%, while seven to eight months' supply would be consistent with no change in median prices.


Foreclosures are still on the rise but this just affords those with the resources to make some serious money in this year and well into the next. Fore a complete list of Government (FHA, VA) Click Here!


Lawrence Yun has had his fumbles in the past particularly with forecasting, something he falls short of here, not looking too far down field. Still healing is better than hemorrhaging.


The NASDAQ market made it above 9000 for the first time since January, investors are hot on the trail of Tech stocks of hardware, phones etc. They like software as well, with a shine for social networking sites and specific social software .


Things may be looking up for a late summer push in more markets.