Home sales continue to climb...Great News for our Sellers and our Buyers...

The National Association of Realtors reported home sales edged up 0.6% to an annual pace of just under 5 million homes. Compared to a year ago, the pace of sales was up nearly 10%.

The pace of sales would have exceeded that level were it not for tight credit and insufficient houses for sale to meet rising demand, the group said.

"Without these frictions, existing-home sales easily would be well above the 5-million unit pace," said Lawrence Yun, the Realtors' chief economist. He said that customer traffic is up 31% compared to a year ago, showing greater demand than actual sales.

The recovery in the housing market so far this year has been a major driver of overall economic growth, lifting not just the pace of home building but also retail sales. Near record low mortgage rates coupled with improving unemployment, a drop in foreclosures and a tight supply of homes for sale have all combined to lift home prices

James Gamble

James Gamble

Licensed Associate Real Estate Broker
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