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Existing home sales rose a whopping 7.2% in July to 5.24 million units. In June, there were 4.89 million units sold. This increase was the largest month-to-month gain in over 2 years! The percentage increase was the largest since 1999. This also marks 4 straight months that we have seen sales increases. Lawrence Yun, NAR chief economist, said, "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." Remember that the $8000 stimulus tax credit runs through November so … (0 comments)
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