Even though June new home sales were up 23.6 percent when compared to May, they were still the runner up for the lowest new home sales month on record according to the Department of Commerce. That being said, we can easily deduce that May new home sales figures were the lowest month on record. The Department of Commerce reported this news on Monday July, 26th. They informed us that the seasonally adjusted annual rate of new home sales increased to 300,000 units, which is up 63,000 units from the record low month of May with 267,000 units sold. These new home sale figures are at the lowest they have ever been recorded in nearly a half a century.
While new home sales increased in June, existing home sales declined. That is the second consecutive month of declines for existing home sales. The National Association of Realtors showed in their monthly report on Thursday July, 22rd, that the sale of existing homes decreased 5.1 percent from May to June. That put the seasonally adjusted annual rate of existing homes at 5.37 million units. While that shows a decrease for the month of June, those figures are still 9.8 percent above last year pace for this time of the year.
2010 saw a brief surge in the sale of new and existing homes as buyer rushed to take advantage of the federal tax credit for up to ,000 on the purchase of a home. However, for borrowers to qualify, they had to sign a purchase contract by April 30, 2010. The expiration of this tax credit has had a detrimental effect on the sales of homes, new and used, across the nation. Overall, regionally, the only area of the country that actually saw an increase in sales for the month of June was the Northeast, where they have shown an increase of 7.9 percent when compared to May.
Home inventories are growing and are expected to keep growing. The month of June has shown us an increase of 2.5 percent of unsold homes on the market. That puts the nation’s inventory at an estimated 3.99 million units, which is nearly a 9 month supply. Inventories are expected to continue to grow as banks foreclose on borrowers that fail to obtain permanent loan modifications. This growing inventory will definitely affect the median home price. Simple economics dictates that a large supply equates to less demand which means lower home prices.
We have Orlando new homes, Dallas new homes and Denver new homes.
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HomeInspector.com – New Home Inspector Website Instantly Connects Home Buyers, Sellers and Owners with Qualified Home Inspectors
Miami, FL (PRWEB) October 18, 2010
HomeInspector.com is a new resource for home buyers, sellers, and owners who want to make smart and savvy home buying, purchasing, and inspection decisions.
This exciting free resource offers a wealth of information through its article bank and nationwide home inspector database. Sellers and buyers can visit Home Inspector and enter the property zip code to be instantly connected with qualified home inspection services in their area. Home inspectors can quickly and easily connect with interested customers to provide free quotes. âBuyers and sellers are able to share experiences and best practices, pass along valuable information, and learn from each other through the interactive site,â states a HomeInspector.com spokesperson. Moreover, customers have the chance to receive a free quote on home inspection services from qualified local inspectors in their property area.
Sellers who are working towards an advantageous home sale can discover how to maintain and prepare their home to get the best price for the market. Home buyers can learn more about why a home inspection is so important, what services come with a home inspection, how to read the home inspection report, issues to watch out for, and how to locate and hire a qualified home inspector. Home inspectors can learn more about trainings and new information to stay current in their field, and newcomers to the field can learn how to be trained to become a home inspector, as well as valuable tips for starting a successful home inspection business.
About HomeInspector.com
HomeInspector.com was started in late 2009 by Benjamin Evans to serve customers in the Real Estate and Home & Garden industry. One of the most exciting features of HomeInspector.com is the real time connection that facilitates an instant connection between seller, buyer, and home inspector. Home inspectors have the ability to build up their sales leads through connecting directly with customers through and customers can also instantly find a home inspector. For more visit http://www.HomeInspector.com
Contact information:
Benjamin Evans
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