Home Sales Drop in July

Woah, harsh news being reported by the NAR. I know it’s hard to be the bearer of bad news, but I’m pretty sure we all want to take out our frustrations on them. Their study reveals that sales of previously owned homes fell 27.2% from June to July.

Everyone expected sales to drop since the June numbers were inflated because of the tax credit. But a drop of this size caught everyone off guard. The market hasn’t been this low since May of 1995. We’ve had good times and hard times since then, so that’s saying something.

And when are things likely to pick up again? When can we expect the drop to end?

Well, the NAR claims we may not see things pick up until September! That’s taking into account low interest rates and lots of availability. It just depends a lot on the state of the economy in general and unemployment.

The poor showing in the market means the inventory of unsold homes now stands at 3.98 million (about 12 months worth). That means it’ll take quite a rally to make those numbers drop.

But home prices actually held steady. And the NAR predicts things will stay that way for the next while. So if you can manage to sell your home, you stand a good chance of getting what you want for it.

Remember to not lose hope. Keep a look out for the next great deal to come along. You might have to look hard for it, but it’s out there. And if you need advice, just check out my blog or send me an email.

Together, we can turn these numbers right around.

• Subscribe via Email
• Subscribe via RSS Feed
• Follow me on Twitter
• Connect with me on Facebook
• Connect with me on LinkedIN