Existing Home Sales Creep Up in July

Aug 22, 2012 11:50am

Zunaira Zaki

By Zunaira Zaki

The housing market is on a slow road to recovery.

Sales of existing home sales climbed 2.3 percent to a seasonally adjusted annual rate of 4.47 million in July according to the National Association of Realtors. Home resales were also up more than 10 percent compared to a year ago. This was just slightly lower than economist expectations.

The number of first-time home buyers rose to 34 percent of sales, up slightly from June. In a healthy market, first-time buyers make up about 40 percent of sales.

The median price of existing homes climbed 9.4 percent to $187,300 compared to a year ago. This was the strongest year-over-year increase since January 2006.

At the current rate if would take about 6.4 months to sell all the homes on the market. A six month supply of homes is considered healthy.

Existing homes are the biggest chunk of the housing market so an important measure of the housing market as a whole.

Thanks to low mortgage rates this is a great time to buy if you can navigate the tight lending market and manage to get a loan.

Source: http://abcnews.go.com/blogs/business/2012/08/existing-home-sales-creep-up-in-july/

Michelle Castle provides mortgage loans to all of North Texas and Southern Oklahoma. Call Michelle Castle at (903) 892-1998 if you are looking for a home loan in North Texas and Southern Oklahoma.

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