Existing Homes Sales Increase 3.1%
As reported today, the National Association of Realtors reported an increase in existing home sale of a 3.1%. It is asserted that this increase was fueled by sales of foreclosed homes.
Sales of previously owned homes in the United States increased in July 2008 from a decade long low as declining prices helped offset buyer demand.
Re-sales of homes rose 3.1%, more than anticipated, to a yearly rate of 5 million from 4.85 million in June. Re-sales were forecast to rise to an annual rate of 4.91 million homes.
The Realtor trade group has said a five to six month’s supply is consistent with a stable market. The Realtors group said the jump in inventory was driven by an increase in the supply of condos as projects started one or 2 years ago came on the market.
Other pundits talk to the lack of credit available as holding interested buyers out of market in certain healthy markets.
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