2nd Quarter Home Sales up Nationwide in 39 states
According to the National Association of Realtors, existing home sales were up 3.8% in the second quarter. Thirty nine states experienced increases over the first quarter of this year. Foreclosures and short sales accounted for 36% of transactions in the 2nd Quarter. First time home buyers, taking advantage of lower prices and a First Time Buyer Tax credit of $8000 from the government, made up one third of all transactions.
The national median existing single family sales price was $174,100. According to Freddy Mac, the national 30 year conforming fixed rate mortgage dropped to a record low average of 5.03%.
First time home buyers have until November 30th this year to close on a home in order to take advantage of the $8000 tax credit.