The National Association of Realtors announced uplifting reports for existing-home sales.  August 21, 2009, NAR released statistics revealing that for the first time in five years, existing-home sales have increased for four months in a row.

The last time sales rose for four consecutive months was June 2004, and the last time sales were higher than a year earlier was November 2005.  The National Association of Realtors includes the following in their category of existing-homes:  single-family, townhomes, condominiums and co-ops.  In total, sales rose 7.2 percent to a seasonally adjusted annual rate of 5.24 million units in July from a level of 4.89 million in June, and are 5.0 percent above the 4.99 million-unit pace in July 2008.

Chief economist for the NAR, Lawrence Yun, stated that he is encouraged.  "The housing market has decisively turned for the better.  A combination of first-time home buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to the higher sales," he said.  Furthermore, Yun explained, "Because price-to-income ratios have fallen below historical trends, there are more all-cash offers.  In some recovering markets like San Diego, Las Vegas, Phoenix and Orlando, the demand for foreclosed and lower priced homes has spiked, and a lack of inventory is becoming a common complaint."

The national median existing-home price for all housing types was $178,400 in July, which is 15.1 percent lower than July 2008.  Distressed properties continue to weigh down the median price because they typically sell for 15 to 20 percent less than traditional homes.

If you would like specific information on the existing-home sales statistics in the Greenville, NC and Pitt County area, please contact The Pistol Tingen Real Estate Team at (252) 321-6161.