Aug
19

Year-Over-Year U.S. Home Sales Up

August 19, 2011

We just told you about the Chicago real estate market, and the fact that much of the state of Illinois posted positive year-over-year home sales.

Nationwide, the story is the same.

Existing-home sales throughout the U.S. in July were at a seasonally adjusted annual rate of 4.67 million, according to the National Association of REALTORS. That’s a 21 percent increase above the 3.86 million unit pace posted in July 2010.

home with sold sign in front of it.And, just like much of Illinois, year-over-year home prices didn’t fare as well.

The national median existing-home price for July was $174,000 in July, a 4.4 percent decrease from July 2010.

“Affordability conditions this year have been the most favorable on record dating back to 1970, but many buyers are being held back because banks are offering financing to only the most highly qualified borrowers, ignoring a large share of otherwise creditworthy buyers,” said Lawrence Yun, NAR chief economist. “Those potential buyers represent the difference between an uneven recovery and a much more robust housing market that could stimulate additional economic activity and create jobs.”

Other home-sale statistics from July 2011:

*Distressed homes: Foreclosures and short sales accounted for 29 percent of sales, compared with 30 percent in June and 32 percent in July 2010.

*All-cash sales: Investors account for most of these, and these accounted for 29 percent of all transactions in July, the same as June; they were 30 percent in June 2010.

*First-time home buyers: 32 percent of homes in July were purchased by first-time buyers, up from 31 percent in June; they were 38 percent in July 2010.

*Single-family homes: Sales fell 4 percent from June but were 21.5 percent above July 2010. The median existing single-family home price was $174,800 in July, down 4.5 percent from a year ago.

*Condo and co-ops: Sales remained unchanged from June to July and were 17.3 percent above last year’s pace. The median existing condo price was $168,400 in July, down 4.0 percent from July 2010.

*Midwest: Existing-home sales in July rose 31.3 percent from July 2010, and the median price $146,300, down 2.9 percent from July 2010.

*Northeast: Year-over-year home sales increased 19 percent, while the median price fell 6.8 percent to $245,600.

*South: Sales were up 19.5 percent above July 2010, but the median price was $152,600, a 2.2 percent drop from a year ago.

*West: Sales were 16.9 percent above a year ago; the median price was down 7.1 percent from last July at $208,300.

Categories: Economy

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