Connect to today’s credit, economy and business finance news from Charter Capital. Get breaking news, updates and reporting on industry news providing small businesses with up-to-date financial information and resources.
Existing Home Sales up 7.2% as Housing Turns a Corner
In a strong sign that the housing market is emerging from a protracted slump, the National Association of Realtors reported that existing home sales jumped 7.2% in July to an annual rate of 5.24 million units – the highest since August 2007. It was the fourth consecutive monthly increase. The last time there were four straight months of gains was back in 2004. "The housing market, with today's strong rise in sales, has decisively turned for the better," said Lawrence Yun, the NAR’s chief economist. Sales of foreclosures and other distressed properties made up about a third of all transactions last month, down from nearly half earlier this year. However, those sales dragged down the median sales price of an existing home by 15% to $178,400. Moreover, the inventory of unsold homes on the market rose to 4.1 million, from 3.8 million a month earlier, the NAR reported. That's a 9.4-month supply at the current sales pace, unchanged from June.
Return to:
Credit, Economy and Business Finance News
Date Last Updated: 08/27/2009
|
 |
