The latest Existing-Home Sales Report
from NAR revealed that sales decreased 1.8 percent in August. Many
might start to panic, but let’s see what the report really shows.
Lawrence Yun, NAR chief economist explains “there was a marked
decline in all cash sales from investors. On the positive side,
first-time buyers have a better chance of purchasing a home now that
bidding wars are receding and supply constraints have significantly
eased in many parts of the country.”
There is Still A LOT of Good News:
The median existing-home price for all housing types in August was $219,800, which is 4.8 percent above August 2013. This marks the 30th consecutive month of year-over-year price gains.
40% of homes sold in August were on the market for less than a month.
Distressed home sales remain at single digits for the second straight month, at 8%, down from 12% last year this time.
More buyers qualified for mortgages to purchase a home in August, as
evidenced by the decline in the number of all cash buyers from 29% to
Newly built single-family home sales surged 18%
in August, the highest level in six years according to new data
released by the U.S. Department of Housing and Urban Development and the
U.S. Census Bureau.Now is still a great time to buy a home, whether as a first time
homebuyer or you’re moving up to the home of your dreams, don’t let the
headlines scare you from making the best decision for your family.
Author:Ann Marie Cancro Phone: 717-468-1301 Dated: October 10th 2014 Views: 324 About Ann Marie: LICENSED: Licensed Real Estate Professional since October 1990.
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