Dennis Norman
According to the latest report released today from the National Association of REALTORS(R), existing-home sales in the second quarter showed healthy gains from the first quarter in the vast majority of states.
Existing home sales (including single-family homes and condos) by state rose 3.8 percent to a seasonally adjusted annual rate of 4.76 million units in the second quarter from a rate of 4.58 million units in the first quarter. While an improvement over first quarter, the second quarter numbers are still 2.9 percent below the 4.90 million-unit pace from the second quarter of last year.
In all, thirty-nine states showed sales increases in the second quarter from first quarter and nine states had higher sales numbers for the quarter than a year ago.
Lawrence Yun, NAR Chief Economist
Lawrence Yun, the chief economist for the National Association of REALTORS(R) said the sales gain appears to be sustainable. “With low interest rates, lower home prices and a first-time buyer tax credit, we’ve been seeing healthy increases in home sales, which are a hopeful sign for the economy,” he said. “There have been sustained sales gains in Arizona, Nevada and Florida, as well as diverse areas such as Maryland, the District of Columbia and Nebraska. More recently, we’ve seen strong double-digit gains in Idaho, Utah, New Mexico, Washington, Hawaii, New York, New Jersey, Maine, Vermont, Wisconsin, Indiana, South Dakota and Montana.”
Price has definitely played a part in the sales gains. During the second quarter 129 out of 155 (83%) metropolitan areas surveyed reported lower median eixsting single-family home prices in comparison with the second-quarter of 2008 while 26 areas had price gains for the period. The national median price for an existing home was $174,100 which is 15.6 percent below the second quarter of 2008.
Distressed sales – foreclosures and short sales – accounted for 36 percent of transactions in the second quarter, which continued to bring down median home prices because they typically sell at a discount. Not surprisingly, first-time home buyers accounted for one-third of all sales.
To watch Lawrence Yuns video giving his current economic update click the link below:
Lawrence Yun – 2nd Quarter 2009 Economic Update
Related posts:
- Existing home sales in U.S. increase 2.9% in April – Prices hold steady
- First Quarter Home Sales Up From a Year Ago in many Metro Areas
- Existing homes sales down 2.7 percent in August; Median home prices drop 2.0 pecent for month
- Metro home prices fall in 3rd quarter but home sales by state on the rise
- Existing Home Sales Rate falls 9.6 percent in February; prices still falling
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