Housing slump gotten you down? Sales are on the rise.Sales were slacking because Americans believed prices could drop even further. As more homes are entering the market, Americans are able to see the prices drop.
Home sales are finally increasing because of the recent housing slump. This could be due to falling home prices, causing buyers to enter the market. Sales are at a seasonally adjusted rate of 5 million units, the fastest rate in five months.
Sales of previously owned homes increased 3.1% last month. This is a surprise to economists, who expected an increase of 1.2%. The median price for a previously owned home fell in July to 212,400 from $215,100 in June. Sales of Co-op apartments, and condos rose 3.4% in July as the avg. price decreased 2.7% from a year ago.
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