Upswing on Sales for 4 Months in a Row.

July has been another record setting month for sales of existing homes. Up from 5% July 2008 to 7.2% in 2009. According to NAR (National Association of Realtors) this has been the highest one month gain on record for sale of existing homes. NAR Chief’s economist said ” “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.” A total of 5.24 Million properties were sold from July 2008 to July 2009. This performance has exceeded expectations. Of course a lot of these sales have to do with affordability and because homes are costing an average of 32% less of what they were 2 years ago. In any case although for some this may not be considered a “turn around” on the house market it certainly is good news.