Strong Gain in Exisiting Home Sales Maintains Uptrend

NAR- National Association of Realtors reports: For the first time in approximately 5 years, existing home sales have increased for four months in a row.

Statistics for exisiting home sales nationwide- single-family, townhomes, condominiums and co-ops rose 7.2 percent to a seasonally adjusted annual rate of 5.24 million units in July from 4.89 million in June and are 5 percent above 4.99 million units in July of 2008. The last time sales rose for four months in a row was in June of 2004, and the last time sales were higher than a year earlier was November 2005.

A combination of first time home buyers taking advantage  of the stimulus tax credit and greatly improved home prices are contributing to higher sales.

A   NAR  survey showed first-time home buyers purchased 30 percent of homes in July, and distressed homes accounted for 31 percent of sales