Home Sales rise 7.2% in July

The word out of Washington is that the U.S housing market is rebounding faster than expected.  Don’t believe everythgin you read out of Washington but in this case at least it is some very good signs that our housing amrket is getting better. 

More homes in the Metro Richmond, Va area are getting sold.  although new construction housing starts are down in July the resale market is getting better one month at a time. 

The process is not going to be fast nor easy and that is fine.  What we don’t want to happen is have a made rush to the front door and consumers buying up all the inventory and inflating the pricing like we did back in 2005-2007.  A nice steady stream of sales and a slight increases in values is a good thing. 

By the numbers:  homes sales in July increased the largest in the past 10 years. mainly first time home buyers taking advantage of the tax credits that expires Nov 30th 2009.  Hurry up because FTHB are 1 out of every three homes sold.  That group of folks are taking advantage of some great interest rates and lower pricing of homes. 

Sales of foreclosures and short sales homes ads up to a third of all transactions in July.  Those sales contributed to the national median sales price to drop 15% to $178,400.

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