Existing Home Sales Rise… Just a Little
According to The National Association of Realtors in June 2008 there were 4.85 million home sales across the nation. In July, just one month later, sales rose to 5 million, one of the highest overall sales of the year since February. The jump is also a bit higher than the 4.9 million that economists had estimated the volume of sales might be. Out here in the West, we saw a 9.7% increase in over all sales which is one of the larger jumps across the country!
San Diego in particular saw an 11.5% increase in total sales with approximately 40.8% being foreclosed properties! More importantly, San Diego’s July sales in 2008 were 10.5% higher than in July 2007. A very good show of the changing market and how the adjusting sales prices are enticing buyer’s off the fence to make an offer! Those who didn’t think they could “afford” a home in the past are now able to take advantage of the new pricing reality. Some home buyers are also motivated to take advantage of the new bill that was signed into law by Bush that allows first time home buyers to have a $7,500 tax credit towards the purchase of their home.
One thing is sure, the market is still going through some pains from the mortgage crisis, but there may be a very small light at the end of the tunnel. How long it will take us to get to that light is the question.
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