The category which describes "existing home sales" includes single family, townhomes, co-ops, & condominiums fell just over two and a half percent to a seasonally adjusted rate of just over five million units for the month of August, yet remain higher than 2008 figures by nearly 3.5%.
The chief economist for the NAR, Lawrence Yun cites the first-time home buyer tax credit. Noting that sales of existing homes have increased significantly as a result of the tax credit incentive, he advised that we can't take the housing rebound for granted.
First time home buyers purchased thirty percent of all existing home sales in the month of August. "Distressed" (foreclosures and short sales) accounted for thirty one percent of those sales. Both percentages remained unchanged from the month of July.
Inventory of available homes dropped in August to just under 11% to just over three and one half million available units available for sale, which equates to a eight and one half month supply. This is down form just over a nine month supply in July.
The national median price point for all styles of homes stood at one hundred seventy seven thousand dollars in August reflecting a twelve point five percent decrease from 2008. Distressed properties continue to distort the median price downward. These types of homes typically sell for fifteen to twenty percent less than regular home sales.
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