Increase in homes sale in the month of july
BBC reported 8/25/08 that Sales of previously owned homes in the US rose 3.1% in July, as buyers took advantage of falling prices in the wake of the housing slowdown.
Sales climbed to a seasonally adjusted annual rate of 5 million units, said the National Association of Realtors.
While the figures were greater than expected, home sales were still 13.2% less than the level a year earlier.
Many parts of the US worst hit by the US sub-prime crisis have seen prices slump, sending average prices lower
The median price for homes sold in July fell 7.1% year-on-year to $212,000.
The data is not too significant, and the market hasn't reacted dramatically to it," said Al Kugel, chief investment strategist at Atlantic Trust.
But he added: "It is interesting that home sales have pretty much levelled off in 2008."
"The small rise in monthly home sales is a reflection of increased sales of foreclosed homes at very low prices, rather than a pick-up in the regular private sales market," said economist Ian Shepherdson at High Frequency Economics.
"But they all count," he added.
Richard Gaylord, president of the National Association of Realtors said: "We hope the new tools in the hands of home buyers from the recently enacted housing stimulus package will spark a sustained sales uptrend in the months ahead.
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