FOR IMMEDIATE RELEASE:
According to the most recent data from the National Association of Realtors (NAR), home sales in July rose to the highest level in five months. Lawrence Yun, NAR chief economist, predicts that home prices in some regions could soon begin to show a long overdue increase. “Sales have picked up significantly in several Florida and California markets. Home prices generally follow sales trends after a few months of lag time,” he added, suggesting that as the pace of sales rises so will underlying real estate values.
Following that upbeat assessment came more optimistic comments in early September by the CEO of home improvement giant Home Depot, a company whose own revenues are closely tied to housing activity.
According to television stock market news show the Nightly Business Report the executive believes that the housing slump has already hit bottom and he now expects to see the real estate sector improve. Wall Street apparently agreed with his forecast because the value of shares of Home Depot surged on the news.
Sales of existing single-family homes -- including condominiums -- increased more than three percent in July to about five million units. Buyers are taking advantage of a generous confluence of encouraging factors including relatively low interest rates, a wide selection of inventory in all price ranges, and bargain prices resulting from nationwide price declines and the winding down of the traditional buying season. The spark in transactions happened in more than a dozen states across the USA, with almost 25 percent of all metropolitan areas showing improvement compared to the level of sales recorded around this time last year.
The priciest markets include San Jose, California -- where the median price exceeded $750,000 -- and San Francisco, which came in a close second by edging out another luxuriously priced location - Honolulu, Hawaii. More than 15 cities logged condo price increases, including the revitalized city of New Orleans, where prices rebounded nearly 17 percent in a single year.
What all the number crunching and data means is that those who have been putting off home purchases while waiting for the market to find its legs may now need to pick up the phone and call their Realtors. By springtime -- when real estate sales are historically brisk -- the prices homeowners are now asking may have been replaced by significantly higher dollar amounts.
For more information, visit: http://www.GayRealEstate.com or http://www.GayMortgageLoans.com
Jeff Hammerberg, Founder & CEO
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