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Strong Gain in Existing-Home Sales Maintains Uptrend08-25-09 | News

Strong Gain in Existing-Home Sales Maintains Uptrend

The monthly sales gain in June was the largest on record for the total existing-home sales series dating back to 1999.
Courtesy of Killeen Fort Hood Real Estate

For the first time in five years, existing-home sales have increased for four months in a row. Existing-home sales ?EUR??,,????'?????<

Lawrence Yun, National Association of Realtors chief economist, said he is encouraged.???????(R)?EUR??,,????'?EUR??,,?EUR ?EUR??,,????'?????<

The monthly sales gain in June was the largest on record for the total existing-home sales series dating back to 1999.

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According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.22 percent in July from 5.42 percent in June; the rate was 6.43 percent in July 2008.

An NAR practitioner survey showed first-time buyers purchased 30 percent of homes in July and that distressed homes accounted for 31 percent of transactions.

Courtesy of National Association of Realtors