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Monthly Home Sales Decline in July but Up from Last Year
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You're Now Reading:
Monthly Home Sales Decline in July but Up from Last Year
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Monthly Home Sales Decline in July but Up from Last Year
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August 19, 2011 (Brian Moore)

After two months of rising, home sales followed the traditional summer trend and declined in the month of July. Home sales fell 12.7 percent from June, but were up 13.1 percent from July of last year according to RE/MAX’s National Housing Report (NHR).

The impressive increase in sales from a year earlier was the first time that home sales had increased in year-over-year comparisons since January, but is likely due to the huge drop in sales last year following the ending of the home buyer tax credit.

The monthly decline in sales from June to July was also higher than the normal seasonal trend as strict lending standards, bad appraisals and overall concern about the economy contributed to the decline. Mortgage applications were affected by lenders who were already using the lower GSE and FHA loan limits that take effect on September 30.

Forty-five out of the 53 metro areas in the report experienced year-over-year increases in closed transactions. Des Moines, IA (+49.9%), Omaha, NE (+46.8%), Milwaukee, WI (+37.7%), Providence, RI (+32.4%), and Wichita, KS (+29.0%) recorded the highest gains in closed transactions.

Sales prices in July were just 0.18 percent lower than in June and were 4.6 percent lower than in July 2010. The median sales price in July 2011 was $193,042, down from $193,791 in June and down from a median sales price of $202,350 in July of 2010.

Only 11 of the 53 metro areas recorded higher prices in July than they did a year earlier. The best price performers were Detroit, MI (+14.3%), Birmingham, AL (+9.8%), Des Moines, IA (+7.7%), Orlando, FL (+5.5%), and Pittsburgh, PA (+4.4%).

The average number of days it took to sell a home in July was 88, which was down from 90 days in June. Inventory increased in July as the average months supply of inventory increased to 7.2 months, up from 6.9 in June, but down from a 9.3 months supply of homes in July 2010.

Inventory supply decreased the most in Miami, FL (-52.5%), Tampa, FL (-37.3%), Phoenix, AZ (-35.6%), Los Angeles, CA (-32.4%) and Chicago, IL (-26.9%).

“The fact that July home sales were higher than a year ago, and by such a significant amount, gives us reason for great optimism,” said Margaret Kelly, CEO of RE/MAX, LLC. “And now that prices have risen for four of the past five months, the housing market is beginning to show definite signs of recovery.”

Tags: RE/MAX, home sales, home prices, National Housing Report, market recovery, seasonal trends, closed transactions

Source:
RE/MAX

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Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
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Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
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No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
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August 19, 2011 (Brian Moore)

After two months of rising, home sales followed the traditional summer trend and declined in the month of July. Home sales fell 12.7 percent from June, but were up 13.1 percent from July of last year according to RE/MAX’s National Housing Report (NHR).

The impressive increase in sales from a year earlier was the first time that home sales had increased in year-over-year comparisons since January, but is likely due to the huge drop in sales last year following the ending of the home buyer tax credit.

The monthly decline in sales from June to July was also higher than the normal seasonal trend as strict lending standards, bad appraisals and overall concern about the economy contributed to the decline. Mortgage applications were affected by lenders who were already using the lower GSE and FHA loan limits that take effect on September 30.

Forty-five out of the 53 metro areas in the report experienced year-over-year increases in closed transactions. Des Moines, IA (+49.9%), Omaha, NE (+46.8%), Milwaukee, WI (+37.7%), Providence, RI (+32.4%), and Wichita, KS (+29.0%) recorded the highest gains in closed transactions.

Sales prices in July were just 0.18 percent lower than in June and were 4.6 percent lower than in July 2010. The median sales price in July 2011 was $193,042, down from $193,791 in June and down from a median sales price of $202,350 in July of 2010.

Only 11 of the 53 metro areas recorded higher prices in July than they did a year earlier. The best price performers were Detroit, MI (+14.3%), Birmingham, AL (+9.8%), Des Moines, IA (+7.7%), Orlando, FL (+5.5%), and Pittsburgh, PA (+4.4%).

The average number of days it took to sell a home in July was 88, which was down from 90 days in June. Inventory increased in July as the average months supply of inventory increased to 7.2 months, up from 6.9 in June, but down from a 9.3 months supply of homes in July 2010.

Inventory supply decreased the most in Miami, FL (-52.5%), Tampa, FL (-37.3%), Phoenix, AZ (-35.6%), Los Angeles, CA (-32.4%) and Chicago, IL (-26.9%).

“The fact that July home sales were higher than a year ago, and by such a significant amount, gives us reason for great optimism,” said Margaret Kelly, CEO of RE/MAX, LLC. “And now that prices have risen for four of the past five months, the housing market is beginning to show definite signs of recovery.”

Tags: RE/MAX, home sales, home prices, National Housing Report, market recovery, seasonal trends, closed transactions

Source:
RE/MAX

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
LOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

August 19, 2011 (Brian Moore)

After two months of rising, home sales followed the traditional summer trend and declined in the month of July. Home sales fell 12.7 percent from June, but were up 13.1 percent from July of last year according to RE/MAX’s National Housing Report (NHR).

The impressive increase in sales from a year earlier was the first time that home sales had increased in year-over-year comparisons since January, but is likely due to the huge drop in sales last year following the ending of the home buyer tax credit.

The monthly decline in sales from June to July was also higher than the normal seasonal trend as strict lending standards, bad appraisals and overall concern about the economy contributed to the decline. Mortgage applications were affected by lenders who were already using the lower GSE and FHA loan limits that take effect on September 30.

Forty-five out of the 53 metro areas in the report experienced year-over-year increases in closed transactions. Des Moines, IA (+49.9%), Omaha, NE (+46.8%), Milwaukee, WI (+37.7%), Providence, RI (+32.4%), and Wichita, KS (+29.0%) recorded the highest gains in closed transactions.

Sales prices in July were just 0.18 percent lower than in June and were 4.6 percent lower than in July 2010. The median sales price in July 2011 was $193,042, down from $193,791 in June and down from a median sales price of $202,350 in July of 2010.

Only 11 of the 53 metro areas recorded higher prices in July than they did a year earlier. The best price performers were Detroit, MI (+14.3%), Birmingham, AL (+9.8%), Des Moines, IA (+7.7%), Orlando, FL (+5.5%), and Pittsburgh, PA (+4.4%).

The average number of days it took to sell a home in July was 88, which was down from 90 days in June. Inventory increased in July as the average months supply of inventory increased to 7.2 months, up from 6.9 in June, but down from a 9.3 months supply of homes in July 2010.

Inventory supply decreased the most in Miami, FL (-52.5%), Tampa, FL (-37.3%), Phoenix, AZ (-35.6%), Los Angeles, CA (-32.4%) and Chicago, IL (-26.9%).

“The fact that July home sales were higher than a year ago, and by such a significant amount, gives us reason for great optimism,” said Margaret Kelly, CEO of RE/MAX, LLC. “And now that prices have risen for four of the past five months, the housing market is beginning to show definite signs of recovery.”

Tags: RE/MAX, home sales, home prices, National Housing Report, market recovery, seasonal trends, closed transactions

Source:
RE/MAX

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
LOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.