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September 25, 2003?EUR??,,?(R)Just when you thought the housing market could not possibly get any better, August sales reached the second highest on record, the highest rate being in June this year, according to the U.S. Department of Commerce.
Despite rising mortgage rates, which reached record lows in July, August saw the sale of 1,150,000 homes, a 3.4% increase from July sales of 1,112,000 homes. Housing prices also surged; 24% of the new housing sold in the $300,000 and over pricing category.
Some economists see only good things for the housing market; NAHB is forecasting record sales for the year.
?EUR??,,??Looking forward, the general tone of the market is excellent; the slim inventory situation indicates it?EUR??,,??s in good balance,?EUR??,,?? said NAHB Chief Economist, David Seiders on inman.com. ?EUR??,,??Home prices are still moving up and at a solid pace and mortgage rates have receded from their early September highs. We?EUR??,,??re now looking at new home sales surpassing the million unit mark for the first year on record.?EUR??,,??
Lower mortgage rates could motivate the housing market even more this month. Although the 30-year mortgage rate reached 6.01% last week, it dropped to 5.98% this week, the lowest since the July 2002 rate of 5.94%.
(Percentages may not add up to 100 due to rounding)
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