Strong Gain in Existing Home Sales Maintains Uptrend

For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.2 percent to a seasonally adjusted annual rate of 5.24 million units in July from a level of 4.89 million in June, and are 5.0 percent above the 4.99 million-unit pace in July 2008.  The last time sales rose for four consecutive months was in June 2004, and the last time sales were higher than a year earlier was November 2005.

In the South, existing-home sales rose 7.1 percent to an annual pace of 1.95 million in July and are 5.4 percent higher than July 2008.  The median price in the South was $164,500, down 7.1 percent from a year ago.  

For the full article and more details, visit http://www.realtor.org/press_room/news_releases/2009/08/strong_uptrend?LID=RONav0021.

For all things real estate, visit Century21Sweyer.com.

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