What's Hot: The 5 Developments on the Boards For Buzzard Point | IKEA Opening Small Format, Delivery-Only Location in Pentagon City
5.39 Million: Existing Home Sales Shoot Up in July
Existing home sales.
Existing home sales shot up in July, according to a report out Wednesday from the National Association of Realtors. Sales rose to a seasonally adjusted rate of 5.39 million last month from 5.06 million in June. The July sales represent a 17.2 percent increase over July 2012. If you were to exclude distressed property sales, the year-over-year increase would be more in the range of 31 percent.
A number of reasons are being thrown out for the increase in sales, but the strongest is a push by buyers to close on their new home before interest rates go any higher.
From NAR’s Lawrence Yun:
“Mortgage interest rates are at the highest level in two years, pushing some buyers off the sidelines,” he said. “The initial rise in interest rates provided strong incentive for closing deals. However, further rate increases will diminish the pool of eligible buyers.”
While the news of sales is today’s headline, one of the biggest takeaways from the report relates to inventory. Total housing inventory rose to 2.28 million homes in July, a 5.6 percent month-over-month increase. It was the sixth month in a row that inventory rose, a sign that sellers are getting off the sidelines and that the market may be tipping back in favor of the buyer.
See other articles related to: existing home sales
This article originally published at https://dc.urbanturf.com/articles/blog/existing_home_sales_shoot_up_in_july/7485.
Most Popular... This Week • Last 30 Days • Ever
The 650,000 square-foot project, designed by Adjaye Associates and Hickok Cole, will ... read »
The largest development on the boards for the H Street Corridor is planned for a fami... read »
It is early in the year, but there are already a number of areas around DC where home... read »
This week's Best New Listings includes a condo with a former life as a hotel entrance... read »
Today, UrbanTurf is taking a look at the tax benefits associated with buying a home t... read »
The application to raze the infamous fast food location at New York and Florida Avenu... read »
While homeowners must typically appeal by April 1st, new owners can also appeal.... read »
At an ANC 4A meeting on Tuesday night, representatives from Whole Foods said that the... read »
The application has been filed for the American City Diner along Connecticut Avenue i... read »
As the neighborhood waits for highly-anticipated restaurants to open, and luxury home... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
- A First Look at the Five-Building Centerpiece of the St. Elizabeth's Redevelopment
- 200-Unit Apartment Project Planned For Autozone Site Along the H Street Corridor
- DC's 14 Million-Dollar Neighborhoods in 2023
- Best New Listings: A Hotel Entrance Turned Condo
- A Look At The Tax Benefits of Buying a Home Through a Trust
- The End is Here: Raze Permit Filed For Wendy's at Dave Thomas Circle
- How to Appeal Your DC Property Tax Assessment
- Whole Foods at Walter Reed To Open This Summer
- Raze Application May Spell The End For One of DC's Last Diner Buildings
- New Hotels, Mall Conversions And The 450 Units On The Boards For Georgetown
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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro