Thursday, February 24, 2011


According to the National Association of Realtors:
·        Existing home sales increased 2.7% nationally
·        This is the first time in 7 months that sales activity was higher than a year earlier
·        Chief Economist Lawrence Yun says
o   Home sales uptrend is consistent with improvements in the economy and jobs
o   Consumer confidence is boosting
o   Affordability conditions are a big factor
o   Tight credit has resulted in high levels of all-cash purchases primarily for distressed homes sold at deep discounts – which pulls the median price downward but traditional homes in good condition have held their value
o   Investor activity is another factor re purchasing undervalued homes
·        In January, first time buyers bought 29% of homes sold
·        Investors bought 23% of purchases in January
·        Housing inventory is at a 7.6 month supply, lowest level since 12/2009
·        Existing-home sales increased 3.6% in the South
NAR is America’s largest real estate trade association, representing 1.1MM members involved in all aspects of the residential and commercial real estate industries.

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