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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About Michelle Castle

Since 1996 I have had the pleasure of assisting thousands of families find the perfect loan. I understand life is hectic and moving a family can be a stressful experience. I believe it is important to keep my clients informed every step of the way. I am easily accessible so my customers can focus on moving their family into their new home. If you have friends or family that aren't sure if they qualify to buy a new home, send them my way. I would be happy to get them on the path of homeownership. I also enjoy helping families refinance their homes to either get their equity out of their home or do just save money. Allow me to give you the peace of mind families have trusted for years.

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