After months and months of discouraging news in the real estate market, for the last couple of months the news has been better.
According to the National Association of Realtors, sales of previously occupied homes rose for the third month in a row in June. Home sales rose 3.6 percent to a seasonally adjusted annual rate of 4.89 million last month, from a downwardly revised pace of 4.72 million in May. Sales were up in all four regions of the country. For a detailed breakdown of existing home sales statistics by region, please click on the following link: Existing Home Sales by Region .
Unfortunately, there is still a backlog of foreclosures that have yet to come on the market. It will be interesting to see what their sale will do to home prices. Usually, foreclosure sales drive down market values but if the inventory of homes on the market is shrinking, a downward effect of prices may be avoided by an increased demand. Only time will tell. The good news, at least at the moment, the share of foreclosures on the market is shrinking!
The Brooks and Heinze Team of Seattle, WA expects a slow but continued upward trend in sales to first time homebuyers, at least until the end of November due to the first time home buyer tax credit incentives, great affordability and favorable interest rates. Certain neighborhoods like Ballard, Phinney, Wallingford, Fremont, and Queen Anne have seen very low inventory and some of the better homes have sold in multiple offers.
Kerstin G. Brooks
Brooks & Heinze Team
Phone: 206.276.5827
Email: info@propertyinseattle.com
Web: http://www.propertyinseattle.com/
Kerstin G. Brooks, Broker 