Existing Home Sales Increase 7.7 Percent
A day after some not-so-good news on the national housing front, the National Association of Realtors (NAR) reported that existing home sales rose 7.7 percent last month, exceeding analysts’ predictions of a 2.7 percent increase.
Existing home sales, which consist of closed transactions on single-family homes, townhomes, condos and co-ops, in the South region (where DC is located) increased by 3.8 percent between July and August. The median price in the region last month was $151,000, 0.8 percent lower than August 2010.
NAR economist Lawrence Yun on today’s news:
“Some of the improvement in August may result from sales that were delayed in preceding months, but favorable affordability conditions and rising rents are underlying motivations. Investors were more active in absorbing foreclosed properties. In addition to bargain hunting, some investors are in the market to hedge against higher inflation.”
Whether or not the optimistic sales trend will continue is a big question mark, particularly in areas like DC where the maximum size of government-backed loans is set to drop from $729,750 to $625,500 on October 1.
See other articles related to: existing home sales, loan limits, national association of realtors
This article originally published at https://dc.urbanturf.com/articles/blog/existing_home_sales_increase_7.7_percent/4194.
Most Popular... This Week • Last 30 Days • Ever
The big news in the development pipeline east of DC's H Street Corridor is the resur... read »
In this article, UrbanTurf looks at the estimated annual maintenance costs associated... read »
Today, UrbanTurf is examining one of our favorite metrics regarding competition in th... read »
Another concept has been unveiled for one of DC's most contentious development sites,... read »
The residential development in the works along Florida Avenue NE is looking to increa... read »
- The 4 Projects In The Works Near DC's Starburst Intersection
- What Are the Annual Maintenance Costs When You Own a Home?
- The 6 Places In The DC Area Where You Aren't The Only One Bidding On a Home
- A First Look At The New Plans For Adams Morgan's SunTrust Plaza
- 46 to 48: The Biggest Project In Trinidad Looks To Get Bigger
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro