The last year numbers were this high was in 2007 when 2,069,963 homes had sold through August. Of 204 regions across the country, 110 are on pace to reach an eight-year high. RealtyTrac Vice President Daren Blomquist suggests the tumult in the stock market may have increased demand for real estate in the nation. He says, “Distress sales continue to decline, a global wind from foreign investment, and uptick in cash and FHA numbers all point to a healthy market.”
Meanwhile, the National Association of Realtors (NAR) reports for previously-owned homes, the index of pending home sales fell 1.4 percent in August–following an increase in July of 0.5 percent—for only the second month this year. The median forecast in a survey of Bloomberg economists anticipated the index to rise 0.4 percent.
NAR Chief Economist Lawrence Yun, noting a low inventory of homes for sale amid rising prices, said, “Pending sales have leveled off since midsummer, with buyers being bounded by rising prices and few available and affordable properties within their budget.”
Pending sales fell in three regions—5.6 percent in the Northeast, 2.2 percent in the South, 0.4 percent in the Midwest—and rose in the West 1.8 percent. ##
(Image credit: homebuyersviewpoint)
