5.39 Million: Existing Home Sales Shoot Up in July
✉️ Want to forward this article? Click here.
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
As the redevelopment of the Mazza Gallerie mall in Friendship Heights heads towards c... read »
The university and developer Greystar have filed plans with DC for the new Fusion Bui... read »
One of the critical factors in determining whether refinancing is a wise decision is ... read »
The one-of-a-kind residence was built out of two expansive classrooms, an office, two... read »
Sentinel Real Estate filed a revised conceptual site plan application this week to re... read »
- Total Wine Coming To Friendship Heights
- A First Look At The Big Plans For Howard's Wonder Plaza
- What Is The Best Spread To Refinance Your Mortgage?
- 13 Foot Ceilings, 5,800 Square Feet in a Historic Schoolhouse: A Rare DC Loft Hits the Market
- 256-Unit Project Proposed to Replace Rosslyn Buildings Moves Forward
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