According to the NAR’s latest report pre-owned home sales made a come-back in August from the precipitous drop in July. The existing home sales went up 7.6% in August making the annualized sales 4.13 million homes. Sales in July were only 3.84 million.
While this is good news, the figures for August are still 19% below the 5.10 million sales pace of a year ago and show that housing demand continues to be too weak to portend a recovery in the housing market.
The research firm, IHS Global Insight indicates that we have probably reached the turnaround point in the housing recession. The road back to normal conditions, however, will be long and bumpy. Normalcy will not be reached according to IHS until 2013.
Use the comments section below to discuss existing home sales in your market.
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August was still pretty slow for our office. We just can’t seem to get buyers to make a decision!
I have had more showings on my listings in the last few months.
I’ve noticed a slight uptick as well although I’m worried about what will happen with this foreclosure freeze.
I wouldn’t be too worried about the foreclosure freeze. It should get cleared up pretty quick.
Agents around here have seemed busier lately. I’m not sure if they are making more money, but they are definitely busier.
Hopefully this is a sign of better things to come…existing home sales are usually a pretty good indicator.