In just recently released numbers, sales of existing homes rose in August for the fifth consecutive month, adding support as the real estate market continues to try and rebound.
The report indicated a rise in home sale of 0.7% from August 2008 to August 2009 and while this number was less than gains in recent months, it was still an encouraging sign as we transition from the summer into the fall and head near the end of the current version of the home buyer tax credit.
However, the more interesting information in the latest report is the geographic split in the numbers. With the West providing much of the positive in the report and far outpacing other parts of the country in sales. As home sales rose 12% in the West in August.
In addition, the report shows that new and existing home inventories continue to drop, which is a good sign for the market. And that 93.3% of all sales were existing homes, which should continue to help inventories.
Also, in looking at the numbers, the report shows us that currently there is only a 3 month supply of housing on homes between $100,000 and $250,000 in the West. That is perhaps the most encouraging sign that lower end home prices are moving and should provide support in the market from the bottom up and perhaps eventually lead to a recovery.
As always we will provide updates and additional analysis as it comes. However, the latest home sales report definitely provides information that provides positive information on a national basis and even more so for housing in the West.
Need additional information? Give us a call 480-889-1424 or an e-mail: email@example.com