There was a surge in home sales this past spring resulting from the homebuyer tax credit, and as expected, we are now seeing a decline in the number of homes being sold.
According to the National Association of REALTORS® Chief Economist, Lawrence Yun, we will likely see a decline in home sales in July and August as well. Yun also noted the following:
- 4.4 million Americans took advantage of the now expired home buyer tax credit.
- Two-thirds of those were first time homebuyers who received up to $8,000 towards the purchase of their home.
- One third were repeat buyers and were eligible to receive a $6,500
- credit.
- One million out of the 4 million bought a home due to the credit.
Here are some highlights for Tucson Real Estate/June 2010:
- Year to date, Tucson sold 98.08% more homes, or 3,114 more homes than in 2009
- Unit sales are down about 8% from last month while Pending
- Contracts are up almost 19% over last month
- Active listings are up 1.63% over May
- New listings are up slightly over last month by 2.87% but compared to June of 2009, they have declined by 20.45%
- 33% of homes sold in June sold in 30 days or less
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