Existing-home sales decline during July
August 29th, 2011 1:44am
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According to a recent report conducted by the National Association of Realtors, the monthly total of existing-home sales during July declined from the previous month, as transactions in the South and West fell.Overall, the nation's total existing-home sales declined 3.5 percent, settling at a seasonally adjusted annual rate of 4.67 million units in July, down from 4.84 million in June. However, the rate is 21 percent above the pace of 3.86 million in July 2010, which was the first month following the expiration of the federal homebuyer tax credit.
"Affordability conditions this year have been the most favorable on record dating back to 1970, but many buyers are being held back because banks are offering financing to only the most highly qualified borrowers, ignoring a large share of otherwise creditworthy buyers," said NAR chief economist Lawrence Yun.
Regionaly, the Northeast recorded 2.7 percent more existing-home sales during the month, followed by the Midwest with a 1 percent increase. However, the South experienced 1.6 percent fewer sales, while existing-home transactions plummeted 12.6 percent in the West.
The Houston real estate market bucked the region's trend during July, however, as a recent report from the Houston Association of Realtors showed monthly improvements in both home sales and price.
Courtesy of 2M Realty News
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