Existing-home sales rose in July to the highest level in five months, although they continue to be well below the numbers from last year at this time, according to the NATIONAL ASSOCIATION OF REALTORS®.
Existing-home sales including single-family, townhomes, and condominiums increased 3.1 percent in July to a seasonally adjusted annual rate of 5 million units from a downwardly revised level of 4.85 million in June. Sales were 13.2 percent lower than the 5.76 million-unit pace in July 2007.
Many people might be bashing these numbers, because they say 40% of these sales were foreclosures….but don’t the foreclosures need to get out of the marketplace before we can move on???
Just speaking locally, we have seen activity in the market drop this year, but the prices have appreciated a few percentage points. If we could get some of the “fence-sitters” to pull the trigger I think we would be doing just fine. There are a ton of lookers, but people seem to be gun-shy. This should probably change in the next 6 to 9 months though. Stay positive!