REAL ESTATE UPTREND
The real estate uptrend continues as the National Association of Realtors (NAR) announced today that existing-home sales rose 7.2 percent in July. This marks the first time in five years that existing-home sales have increased for four months in a row and is the largest monthly sales gain on record.
In addition to the month-over-month increase, existing-home sales were 5 percent higher than in July 2008. The last time sales were higher than a year earlier was November 2005.
NAR Chief Economist Lawrence Yun is encouraged by the recent statistics. "The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales," he said.