Home Sales Rise.....but so does inventory

By
Real Estate Agent with Brokered by eXp Realty LLC SL # 3014652

Sales of previously owned U.S. homes rose in the month of July due to lower prices.....but because of higher inventory the housing market is unlikely to recover anytime soon according to a trade group report in today's yahoo news.

So when is the housing market going to pick up and when will we see a market correction take place?

That's the question I'm asked on a regular basis so I like to keep up on my current events when I see an interesting article featured on Yahoo news

You can read the rest of the story >>>HERE.

For more information please contact Neal The Real Deal Bloom-Realtor® /RE/MAX Premier Associates

 Remax Real Estate Weston Florida                                                                                        Weston Realtor(R) Neal Bloom-copyright 2007

2500 Weston Road ,Suite 103

Weston FL 33331

(954)608-5556

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Neal Bloom

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Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Neal...

As the price of oil drops, I think there were be a temporary small market rebound. I hope so, there are plenty of properties out there that I would like to match to buyers!

Aug 25, 2008 02:19 PM #1
Ambassador
4,002,393
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Neal the market will turn around when it is ready to and the government leaves it alone.  Every time that the government messes with it the only thing that is accomplished is that things get worst.  If they let the market take its natural course and we will get out of this a lot quicker.

Aug 25, 2008 02:28 PM #2
Rainmaker
305,026
ARDELL DellaLoggia
Better Properties Seattle - Kirkland, WA

Our inventory is flattening out.  In fact condo inventory has been flat for 4 months now.  I know you don't have real seasons in Florida, but don't you expect the inventory to start leveling out this late in the year?

Aug 25, 2008 02:28 PM #3
Rainmaker
625,864
Associate Broker Falmouth MA Cape Cod Heath Coker
http://www.CapeGroup.com & http://www.REindex.com - Falmouth, MA
Heath Coker Robert Paul Properties Falmouth MA

The market is headed to its turn.  After each presidential election rates rise - that will motivate those on the sidelines waiting for a reason to buy.

Aug 25, 2008 02:34 PM #4
Rainmaker
298,347
Ray Saenz
Exit Realty Laredo - Laredo, TX
Homes for Sale in Laredo, TX - Texas, Realtor

Neal, 
some states started earlier to go down and others later, every state will recover in a different time frame for the same reason, hopefully we will be out soon from this sandstorm.
Ray Saenz

Aug 25, 2008 05:15 PM #5
Rainmaker
558,115
Jeremy Blanton
Myrtle Beach Homes Blog - Myrtle Beach, SC
Myrtle Beach REALTOR®- myrtlebeachhomesblog.com

I had 3 walk-ins yesterday alone in my office.

Aug 26, 2008 01:15 AM #6
Rainmaker
328,803
Mott Marvin Kornicki
Waterway Realtors® • South East Florida • Real Estate Brokers - Miami Beach, FL
Waterway Realtors, Notary Public 786-229-7999

I Sunny Isles beach, Aventura & Balk Harbor; inventory is still high- I don't see anyone giving away real estate. Yes, there are some great values, but certainly not 50% off of 2006 prices. The higher quality properties are hard to find and do sell quickly at premium prices.

Aug 26, 2008 01:56 AM #7
Rainmaker
594,298
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate

Hi Guys...I had initially posted a comment back to each of you but of course AR caused my comments to disappear and had to write them all over again. I'll just say that between out 5 yr supply of  condo/townhomes and 3 year supply of single family homes....there is a slight change in both inventory and sales over the last 90 days. I still think this news is temporary and will revert back to the continue slide of prices. Maybe more homes are just coming off the market.

Aug 26, 2008 03:41 AM #8
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Neal Bloom

Realtor CRS-Weston FL Real Estate
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