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July 09, 2010

SALES OF EXISTING HOMES INCREASE
Sales of existing homes were up again in May, with increases in the western and southern areas of the country. As noted by the National Assoc. of Realtors, these sales are expected to reach over 5.65 million residences for 2010. This is nearly 19 % above levels for last year.

One economist states that this trend will probably continue for another month or so. He attributes this increase to the continuing effects of the Federal Tax Incentives for the purchasers of existing homes.

The escrow closing date cutoff date has been extended to September 30th, which will allow purchasers who met the April 30th cutoff date for being under a valid contract to be eligible for the eight thousand dollar tax credit.

First-time purchasers made up 46 % of buyers during May, and repeat purchasers made up 40 % of transactions. The remaining 14 % was made up of investors. While cash sales were at 26 % in April, they dropped slightly to 25 % in May.

According to the President of the National Assoc. of Realtors, the price of housing seems to be stabilizing. As the number of sales of distressed properties remains approximately the same as last year, the increase in housing prices is an optimistic indicator that the real estate market may well be in a position to carry on without the aid of any more stimulus from the Federal Government.

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