As a follow-up to my previous posted entry regarding Traverse City area home sales statistics for July 2009, the National Association of Realtors® have announced the national statistics for July and the numbers look great! 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®.
“Lawrence Yun, NAR chief economist, said he is encouraged. “The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” he said.
The monthly sales gain was the largest on record for the total existing-home sales series dating back to 1999.
“Because price-to-income ratios have fallen below historical trends, there are more all-cash offers. In some recovering markets like San Diego, Las Vegas, Phoenix, and Orlando, the demand for foreclosed and lower priced homes has spiked, and a lack of inventory is becoming a common complaint,” Yun said.
You can read the full article on the NAR site by clicking HERE.