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Existing home sales surge in August, surpassing economists’ projections

Seattle real estate signs, photo by AR McLin.

Pricing attractive to buyers

In August, sales of existing homes rose 7.7 percent from July, according to the National Association of Realtors (NAR) and beating most economists’ projections. Existing home sales are up 18.6 percent from a year ago. Buyers are coming back to the table, attracted by lowered home prices which are down 5.1 percent from this time last year, as well as low interest rates.

“All year, the relationship between home prices, mortgage interest rates and family income has been hovering at historic highs, meaning the best housing affordability conditions in a generation,” said NAR President Ron Phipps.

Dr. Lawrence Yun, NAR chief economist, said there are some positive market fundamentals. “Some of the improvement in August may result from sales that were delayed in preceding months, but favorable affordability conditions and rising rents are underlying motivations,” he said. “Investors were more active in absorbing foreclosed properties. In additional to bargain hunting, some investors are in the market to hedge against higher inflation.”

“We had some disruptions from Hurricane Irene in the closing weekend of August, when many sales normally are finalized, along the Eastern seaboard and in New England,” Yun said. “As a result, the Northeast saw the smallest sales gain in August, and some general impact is expected in September with widespread flooding from Tropical Storm Lee. Aberrations in housing data are possible over the next couple months as markets recover from disrupted closings and storm damage.”

City data:

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Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

65 Comments

65 Comments

  1. Owasso homes for sale

    September 27, 2011 at 6:50 am

    This is good news! People in real estate must be definitely happy. And if you are a home buyer, it is best to take advantage of the opportunity.

  2. Calgary real estate agents

    October 12, 2011 at 10:24 pm

    Yes everywhere real estate pricing are ups and down. This is the right time for buyers to invest in real estate. Buyers have plenty of options to buy new property.

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