Main Content

Real Estate Sales Rise For Third Month

Real estate agents in the US are reporting another increase in residential property sales, the third monthly rise in a row, giving rise to further talk of a recovery in the beleaguered property market.

The latest figures from the National Association of Realtors show that overall sales transactions increased 3.6% in June, just slightly below the year-ago level and at a quicker rate than expected.

But house prices were still down 15.4% on a year ago. The average sale price now stands at $181,000.

But the figures are injecting hope into the troubled real estate market. ‘This is another hopeful sign. The housing market is healing,’ said Lawrence Yun, the association’s chief economist. ‘The increase in existing home sales occurred in all major regions of the country,’ he added.

Others agree. ‘The bottoming process in the housing market is under way,’ said Michelle Meyer of Barclays Capital. ‘The stabilisation has been driven in part by an increase in deeply discounted foreclosed properties,’ she added.

Filed under: real estate blog · Tagged with