Increases in Exsisting Home Sales-Everyone's Buying Now!

By
Mortgage and Lending with Mortgages Unlimited MUI NMLS #225504

Existing Home SalesHome resales climbed 2% last month as the housing market continues its measured, steady recovery.

According to the National Association of REALTORS®, Existing Home Sales rose to 4.47 million units in July on a seasonally-adjusted, annualized basis.

An "existing home" is a home that cannot be classified as new construction and, despite a reduction in the national homes inventory, the number of previously-occupied homes sold in July was higher by 10% as compared to one year ago.

The Existing Home Sales also reported the folliowing :

  • First-time buyers accounted for 34% of all purchasers, down from 34% in June
  • Real estate investors accounted for 16% of all purchasers, down from 19% in June
  • Cash buyers accounted for 27% of all purchasers, down from 29% in June

In addition, the real estate trade group reports that distressed sales accounted for a smaller percentage of the overall home resale market in July. Just 24% of home resales were for homes in various forms of foreclosure or short sale.

This is down one percent from June, and five percent from July 2011.

It also marks the smallest percentage of homes sold in "distressed" status since the trade group began to track such data 4 years ago.

Lastly, nationwide, the supply of homes for sale dropped to 6.5 months. At the current pace of sales, therefore, the complete U.S. home resale inventory would be sold by the end of Q1 2013.

There are now 2.40 million homes for sale -- a 24% reduction from July 2011.

For today's Minneapolis home buyers, the July Existing Home Sales report reinforces the notion that housing is in recovery and what the nation's home builders have been saying since late-2011 -- the next six months for housing will likely be strong. Growth may not be linear, but it figures to be consistent.

With home inventory low and mortgage rates the same, the home resale market looks ripe for good deals.

Posted by

David Kosmecki

Direct: (763) 519-1100 | Toll Free: (800) 536-0233

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Topic:
Home Buying
Location:
Minnesota Hennepin County
Groups:
Minnesota Real Estate
Tags:
mortgages maple grove
homeloans minneapolis
existing home sales

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Show All Comments
Rainmaker
400,565
Regina P. Brown
California Coast & Country Homes, Inc. - San Luis Obispo, CA
e-Pro Realtor

Thanks for providing the stats and I'm glad the market is going on that trend!  I'm sure you'll get great deals out there. :)

Aug 23, 2012 07:51 PM #1
Rainer
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Rafeeq Ahmed
Islamic Banker, UIF, 682-500-4615 - Granbury, TX
Customer Satisfaction

I love positive news. Thank you

Aug 23, 2012 07:56 PM #2
Rainmaker
738,883
Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

Just wondering in these stats if there is a little funny math going on?

Aug 23, 2012 08:08 PM #3
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Michelle Carr-Crowe-Selling Silicon Valley Homes in Top Schools San Jose, Cupertino, Saratoga, Palo Alto-Just Call 408-252-8900
Just Call (408) 252-8900! - San Jose, CA
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Thank you for sharing the good news from NAR at Increases in Exsisting Home Sales-Everyone's Buying Now!

Aug 23, 2012 08:18 PM #4
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Rainmaker
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David Kosmecki

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