What's Hot: Barnes and Noble Will Return to Georgetown in June | The 3,000 Units On The Boards From Trinidad to Gallaudet
Bloomberg Calls It: Home Sales Rose in June
Bloomberg was correct. The National Association of Realtors announced that existing home sales in the U.S. rose 3.6 percent in June to an annualized rate of 4.89 million units, an increase of 170,000 units over May (4.72 million units).
We reported earlier this week on a Bloomberg survey that predicted purchases of previously-owned homes would climb to an annual rate of 4.83 million in June, the highest level since October of last year. The financial reporting service missed the mark slightly, but was not too far off.
The question that is really on everyone’s mind is will Bloomberg’s other prediction prove prophetic: These numbers indicate that the end of the recession is in sight.
Separately, the NAR reiterated its stance that new appraisal rules are hampering the market’s recovery. NAR chief economist and spokesman Lawrence Yun was quoted in the press release:
“Despite the rise in closed transactions, many Realtors are reporting lost sales as a result of new appraisal standards that went into effect May 1 of this year…In many cases, normal homes are being compared with distressed homes sold at a discount, which often are in subpar condition — this is causing real harm to both buyers and sellers.”
According to NAR’s data, distressed homes accounted for fully 31 percent of sales last month.
This article originally published at https://dc.urbanturf.com/articles/blog/bloomberg_calls_it_home_sales_rose_in_june/1162.
Most Popular... This Week • Last 30 Days • Ever
The application could be a sign that plans to redevelop a pair of former church prope... read »
Rossdhu Gate is the remaining piece of a 30-room castle built by socialite Daisy Calh... read »
As profits drop around the country, sellers around DC are still realizing hefty retur... read »
A Home Equity Line of Credit, commonly referred to as HELOC, is a borrowing product t... read »
The Gen Z market; ranking food halls around DC; and is this the new king of Queens?... read »
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