Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Housing News

Sales up, prices down, how is the overall market performing?

With a struggling economy and slumping real estate sector, all eyes are on signs of recovery which are slowly trickling our way. Home sales are up and prices are down, but are these really signs of a recovery? Perhaps, perhaps not…

For the second month in a row, existing home sales rose, according to the National Association of Realtors with a 10% rise in September. The newest reports from S&P/Case-Shiller note that home prices fell 0.2% in August, but this dip comes after five months in a row of rising prices. Overall, home prices are actually up 1.7% from last year, showing a painfully slow increase.

Lawrence Yun, National Association of Realtors chief economist said, “A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium. But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions.”

New home sales rose 6.6% in September according to the U.S. Commerce Department, and the month’s supply of new homes for sale declined from 8.6 in August to 8.0 in September.

Bob Jones, chairman of the National Association of Home Builders (NAHB) and a home builder from Bloomfield Hills, Mich said, “The road to recovery will be a long one, however, and a key hurdle that must be surpassed is the lack of available credit for new-home construction so that builders can meet improving demand for new homes moving forward.”

Advertisement. Scroll to continue reading.

All signs point toward a recovery as prices are up over the last year at a slow yet bubble-avoiding pace, and existing and new home sales are up. As we’ve been saying all along, however, if unemployment rates don’t improve and if the foreclosure fiasco continues to explode out of control, stats will remain flat as they currently are which is better than declining but no where near a “recovery” as some analysts are calling it. What say you?

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.



  1. Steinar Knutsen

    October 28, 2010 at 8:59 am

    This is usually a 7-year cycle right? Any guess where we are in that cycle?

  2. Roberto Mazzoni

    October 29, 2010 at 3:45 am

    It is quite informative and sheds some hopeful light on the recovery of the market.

  3. Mark Jacobs

    November 2, 2010 at 4:17 pm

    Two Words “Not Good”

Leave a Reply

Your email address will not be published. Required fields are marked *


American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.



Housing News

(Housing News) Home prices fall again very slightly, but does this spell a rough winter or a long term problem? Two economists weigh in.

Housing News

(Housing News) Although not improving at a dramatic pace, home prices are inching up, rising 11.8 percent in November compared to the previous November.

Housing News

(Housing News) Builder confidence in sales, traffic, and future expectation rose in December to 58, meaning over half of the industry's insiders are confident...

Housing News

Construction spending for both the public and private sector improved this fall, and while this is good for housing, what does this spell for...

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.