July ExistingHome Sales Near FourYear High

Dated: 08/21/2013

Views: 1470

BY: MARK LIEBERMAN, FIVE STAR INSTITUTE ECONOMIST
Existing-home sales soared 6.5 percent in July to an annual sales rate of 5.39 million, the highest level since November 2009, while the price of a single-family home slipped $500 or 0.2 percent month-over-month, National Association of Realtors reported Wednesday.

Economists surveyed by Bloomberg expected existing home sales to increase more modestly to 5.15 million from the June’s originally reported sales pace of 5.08 million. June sales were revised down to 5.06 million.The boost in sales came two months after a sharp jump in the NAR’s Pending Home Sales Index, which was 111.3 in May, up 5.8 percent from April.
Despite the month-over-month decline, the median price of an existing-home, at $213,500, was 13.7 percent ahead of the price in July 2012, the strongest year-over-year percentage price gain since October 2005.

The inventory of homes for sale rose to 2.28 million from 2.15 million in June, translating to a 5.1 month supply unchanged from a month ago. June inventory was revised down from last month’s report.
 
Blog author image

Marc Blitstein

Marc Blitstein has been a licensed Real Estate Agent since 2004. Real estate experience has been in employee relocation, residential property, short sales, investment property, and bank owned property....

Latest Blog Posts

HOW BIG OF A HOME DO YOU NEED

When buying a new house, it’s easy to get distracted by size and think that bigger is always better. However, depending on your situation, the complete opposite may be true.So how can

Read More

Playoff Hockey Return To Denver

The Stanley Cup Playoffs are returning to Denver. Monday and Wednesday night lower downtown will be filled with 18,000 hockey fans. Denver is and has always been a rich sports town. The Avs, who

Read More

Bring Natural Light Into Your Home And Watch It Sell

6 tips for letting natural light sell buyers on your listingThere are tons of benefits to bringing some natural light into a home.As real estate agents, we know that not much resonates better than

Read More

Great Summer Hikes In Colorado

SPORTS OUTDOORS 10 day hikes near Denver to take this summer You don’t have to travel far or overexert yourself to experience Colorado’s beauty

Read More