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Friday, July 24, 2009

More positve housing news: Existing-home sales increase, housing inventory declines

In more positive news for the housing market, existing-home sales increased in June, total housing inventory declined and there are more buyers looking at homes.

June marked the third consecutive month of an increase in existing-home sales. The increase bumped the 2009 seasonally adjusted annual rate up to 4.89 million units - a number still below the 5 million unit benchmark some analysts are hoping for, but above the 4.72 million unit revision in May.

The total number of homes available decreased 0.7 percent, in a move that could lead to recovering home prices. There were 3.82 million existing homes available for sale at the end of June, representing a 9.4-month supply if the current sales pace holds.

A RISMedia article on the home sales increase noted:

"'This is another hopeful sign-if we can keep the volume of sales above the level of new inventory, prices could stabilize in many areas around the end of the year,' [Lawrence Yun, NAR chief economist] said.

"A NAR practitioner survey in June showed first-time buyers accounted for 29% of transactions, unchanged from May, and that the number of buyers looking at homes is up nearly 12 percentage points from June 2008."

The increase of interested buyers could lead to even more positive news for the housing market if those buyers begin making offers and purchases.

The majority of those, and all buyers, are beginning their property searches online. If you're having difficulty getting visitors to your real estate website and capturing those visitors who do visit your site, we may be able to help. Contact Delta Media Group for more information on our real estate website, lead management and search engine optimization services.

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