For the past four consecutive months, existing home sales are continuing to improve!
The National Association of Realtors (NAR) reported that existing home sales increased 2.4% in July “to their highest annual pace of the year”, and the distressed sales share fell below 10% for the first time since NAR began tracking the category in October 2008.
Existing home sales are continuing to improve due to job growth and improving inventory conditions, and is also backed by U.S. consumer confidence hitting a 7-year high as of August.
In contrast, numbers from the Census Bureau and HUD indicated that new home sales fell 2.4% in July. However, new home sales conditions remain positive as interest rates remain low at 4.25%.
Today the Orlando Sentinel reported that the number of Orlando homeowners entering foreclosure doubled between July and August. This could mean further softening of home prices as banks put more houses on the market, which is necessary for recovery.
Now is the perfect time to buy with the improving home market conditions. Contact one of our agents to assist you today!