NATIONAL ASSOCIATION OF REALTORS REPORTS HOME SALES UP 3.1%

Nationally home sales may be up 3.1%, but here in metro Phoenix home sales jumped 4.9% over June. However, the real news is the year over year jump in sales. Home sales are up over 39% this July when compared to July of 2007 in the metro Phoenix area. That my friends is what you expect to see when a market is rebounding. One thing I have learned over the years is that the market is so huge, it does not turn over night.
When we look at 2005, the market started turning towards a buyer's market in August of 2005 in the metro Phoenix area, yet prices continued to climb to a peak nearly a year later in August of 2006. This market turns slowly. It will be interesting to see when we hit a bottom in our market. Many parts of the valley are at a bottom. We listed a home last week in Anthem, my partner, Buffi, said great what good is that. Well it was the most active listing over the weekend and it yielded a contract!!!!!

Existing-Home Sales Up 3.1 Percent
AP
WASHINGTON (Aug. 25) - A trade group for real estate agents says sales of existing homes rose 3.1 percent in July as buyers snapped up deeply discounted properties in parts of the country hit hardest by the housing bust.

The National Association of Realtors reported sales rose to a seasonally adjusted annual rate of 5 million units. Sales had been expected to rise by only 1.6 percent, according to economists surveyed by Thomson/IFR.
Still, home sales were 13.2 percent lower than a year ago.
The median price for a home sold in July dropped to $212,000, down by 7.1 percent from a year ago.