Existing Home Sales Up From 8-Month Low

by Isaac Benmergui, Esq on August 27, 2012

The National Board of Realtors released figures this past week that show sales of existing U.S. Homes rose in July from an eight-month low, signaling that the housing market could pick up in the second half of 2012.

Reported figures revealed a 2.3 percent increase to the rate of 4.47 million purchases of existing homes. Bloomberg reports that 73 economists are predicting a rise to 4.51 million. Cheaper properties, low mortgage costs and high demand appear to be buoying the market that set off the country’s slide into recession.

One economist believes that good news about the housing market, could fuel better jobs numbers as the market gains momentum and confidence returns.

Existing home prices were also up from an average $171,200 in July 2011 to $187,300 in July 2012, more than a 9 percent gain and the largest 12-month gain since January 2006.

Getting Legal Help

Before you signed any purchase for real estate, whether for a home or commercial property, call the law offices of Isaac Benmergui. Attorney Benmergui can help ensure you get clear legal title; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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