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Existing-Home Sales Show Markets Stabilizing, Recovering, Economist Says
National Association of Realtors finds home sales to rise for third consecutive month
HousingZone.com Staff
July 23, 2009
HousingZone
Existing-home sales rose for the third consecutive month, according to the National Association of Realtors. They increased 3.6 percent in June but are .2 percent below June 2008 levels. NAR's chief economist, Lawrence Yun, in a press release called it "another hopeful sign" that markets are stabilizing.
Reed Construction Data's chief economist, Jim Haughey, agrees: "The report is further evidence that the market is stabilizing. Further gradual improvement is expected in the coming months. More local housing markets are now clearly recovering. Much of the recent pick up is due to distress sales that homebuilders could not compete with."
Read the full release here.
Study the data here.
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© 2009, Reed Business Information, a division of Reed Elsevier Inc. All Rights Reserved.