Last week, The National Association of REALTORS® reported that existing home sales – which include single-family, townhomes, condominiums and co-ops – increased 3.6 percent to a seasonally adjusted annual rate of 4.89 million units in June.
This is third consecutive month that NAR has reported an increase in existing home sales. Lawrence Yun, NAR’s chief economist, added that “We expect a gradual uptrend in sales to continue…”
Home prices edged up almost 4 percent between May and June of 2009, due to repeat buyers purchasing at higher price points, and distressed properties accounting for a smaller percentage of sales (33 percent of sales, compared to 45 percent the month before).
Bank owned homes are selling now for well above list prices! Buyers should not be sitting on the fence any longer, they should be buying today if they want to take advantage of the affordable prices while they can and to take advantage of the buyer incentives being offered. If first-time homebuyers want to take advantage of the tax-credit, they need to act now. The tax credit is ending November 30, 2009.
Call My Arizona Home Team if you are interested in purchasing a home (480) 330-6242. We can help!
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