The Market in SIMPLE English

Existing Home Sales Released

Eagles,

NAR just released its existing home sales for July..

Home sales were UP 7.2% in July.  Largeest jump in 10 years!!! This is in addition to the 3.6% jump we had in June.

Inventory supply across the nation is 9.4 months

Notables from the report:

30% of home sales were first time buyers

31% of the sales were bank foreclosures -OR- 69% of our sales was NOT a foreclosure

16% of the sales was a CASH deal. Normal market conditions - cash sales represent less than 10%. This is showing investor confidence in the real estate market.

Please let me know what questions or comments you have.

Thanks,

Chuck

2 comments • Chuck Cornwell • August 21 2009 09:15AM