Strong Gain in Existing-Home Sales Maintains Uptrend

For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of Realtors®.

August 21, 2009 - For the first time in five years, existing-home sales have increased for four months in a row, and the monthly increase is the largest in 23 years.

Lawrence Yun, NAR chief economist, said he is encouraged. “The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” he said.

Existing-home sales in the Midwest jumped 10.9 percent in July to a level of 1.22 million and are 8.0 percent above a year ago. The median price in the Midwest was $157,200, which is 5.9 percent less than July 2008.