Encouraging Numbers for August Existing Home Sales
Existing home sales for the month of August on a national basis rose 1.7% from July. Total existing home sales in August rose to a seasonally adjusted annual rate of 5.48 million from 5.39 million in July. Sales were 13.2% higher than a year ago. That’s the highest in over six years, as stated by the NAR*
The August home sales indicate it is a far healthier market this year than last year during the same time period. The percentage of sales of foreclosed and short sale homes dropped significantly in comparison to last year.
The Federal Reserve’s decision not to taper its purchases of mortgage-backed securities, and to continue to keep interest rates low, many spark those on the fence to jump off, and go ahead and make that purchase.
*USA Today Sept. 20, 2013 Julie Schmit