The Market in SIMPLE English: Existing Home Sales Released

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

Comments

Now twitter that it is the time to buy before the rush. As the numbers come out, others will act. You want to be in before that wave.

Posted by Heath Coker, Real Estate Broker, Cape Cod (http://www.CapeGroup.com & http://www.REindex.com) 11 months ago

now, how does the number of short sales play in all this? I thought they said they could not track those?

Posted by Melissa Polce (Keller Williams) 11 months ago

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