Although existing home sales rose 2.4 percent from last month to a seasonally-adjusted annual rate of 5.15 million in July, the highest rate of 2014, they are down 4.3 percent from last year, according to housingwire.com. Last July’s 5.38 million unit level, the highest for 2013, includes single-family homes, condos, townhomes and co-ops. Distressed homes accounted for nine percent of July home sales (six percent foreclosures, three percent short sales), a drop from 15 percent in July 2013, the first time they have landed in single-digit territory since the National Association of Realtors (NAR) began tracking the category in 2008. In 2009 distressed sales averaged 36 percent of all sales, MHProNews has learned. The percentage share of first-time buyers rose one percentage point to 29 percent in July, but remain historically low. ##
