National Home Sales Spike in July

If you read our last blog on the foreclosure spike, there is good news to go with the bad. According to the National Association of Realtors (NAR), July saw a nationwide 7.2 percent spike in home sales as well. This increase marks the first time in five years that sales have increased four months in a row.

This is encouraging news for anyone with a stake in real estate. It is also a good time to start watching listing prices to see the effects of foreclosures versus increased sales.

As for the 7.2 percent increase in July, that statistic was based off the sale of 5.24 million homes. June saw the sale of 4.89 million homes this year and 4.99 million in June last year. It's exciting that this past July beat June of both this year and last year.

The increase in sales is presumed by many to be the result of the housing stimulus tax credit along with much more affordable homes. According to the NAR, first-time buyers were responsible for 30 percent of the sales.

Some other interesting statistics came out of the NAR's report. Condo and co-op sales increased by 12.5 percent in July and 5.9 percent for the year. Single-family home sales rose 6.5 percent in July and 5 percent for the year.  Sales have risen in the Northeast, the South and the Midwest, but have dropped by 1.7 percent in the West. The median home price was $178,400 which was 15.1 percent lower than July of last year. 

As for real estate on Maui, there are some very nice oceanfront homes for sale now. You may also want to see some of the great Kapalua condos on the market. As always, don't hesitate to contact me by email at robert@mauihomesales.com or call 808-662-0003. Mahalo for reading this week!