Sales of existing homes Rose 7.2 percent in July – the first time in five years sales have increased four consecutive months, according to a report released Friday.
The National Association of Realtors said 5.24 million homes sold last month. That’s more than the 4.89 million sold in June and the 4.99 million sold in July 2008.
“The housing market has decisively turned for the better,” said Lawrence Yun, the association's chief economist. “A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales.”
A practitioner survey conducted by the Realtors association showed first-time home buyers represented 30 percent of the sales last month, while 31 percent were distressed home purchases.
Other July existing home sales data included:
• Inventory of existing homes for sale rose 7.3 percent in July, but was 10.6 percent less than the same month a year ago.
• Median home price was $178,400 – 15.1 percent lower than July 2008.
• Sales of single-family homes increased 6.5 percent for the month and 5 percent for the year.
• Condo and co-op sales rose 12.5 percent for the month and 5.9 percent for the year.
• Regionally, sales in the Northeast jumped 13.4 percent, 10.9 percent in the Midwest and 7.1 percent in the South, but dropped 1.7 percent in the West.
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