Home Sales Dip Nationwide in June
A report on NewsGeni.us was not encouraging for the real estate industry. While prices are up from last year, there is no clear trend toward a solid recover. Here are some excerpts from the article.
"In the latest sign of renewed turbulence in the housing market, an industry group said Thursday that sales of existing homes fell 5.1% in June. The National Association of Realtors reported that existing home sales fell last month to a seasonally adjusted annual rate of 5.37 million units, down from 5.66 million in May. Sales year-over-year were up 9.8%.
"'The housing industry is slogging through a swamp looking for solid ground," said Mitchell Hochberg, a principal at Madden Real Estate Ventures. "With mounting foreclosures, growing consumer pessimism and a rise in inventory, the only path to recovery is an increase in employment.'
"Analysts expect the housing market to deteriorate as the credit expires and unemployment remains high. Meanwhile, the inventory of homes on the market rose 2.5% in June to 3.99 million units. At that level, it would take 8.9 months to sell all the existing homes on the market, compared with 8.3 months of inventory in May.
"'The supply of homes on the market is higher than we'd like to see,' said NAR chief economist Lawrence Yun, adding that home prices have held up well despite the glut.
"The national median existing-home price for all housing types was $183,700 in June, up 1% from a year ago, according to NAR."
This may sound pretty gloomy, but remember rates are at historic lows and prices in Hawaii Kai are way down from a few years ago. There are great bargains waiting in our beautiful part of Oahu. Call or email me for some ideas.
Barbara Abe, Realtor
808-226-2537
barbara@barbarashawaii.com
www.movetohawaiikai.com
www.barbarashawaii.com
http://activerain.com/blogs/abeb