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August 24, 2012

Nationwide, home sales rose in July

by Central Coast Lending

Lately, we have been trying to focus on local and regional housing data as opposed to the parade of nationwide statistics.  Home prices, sales, supply and demand are all influenced and reinforced by local factors, such as the economy and employment situation. As we say in the office, real estate is the “neighborhood problem.”

Every real estate market is different. New York has a robust real estate market, while overbuilt Atlanta struggles as it copes with excess supply and a poor employment situation.

So when we see the latest National Association of Realtors report that existing home sales have rebounded in July, rising 2.3 from the previous month, we smile slightly and go on about our work. The median sales price dropped 0.8 percent to 187,300, which helps account for the increase in sales.

On a national level, it is good to see that the real estate trend involves more sales and higher sales prices. Housing news and employment are two of the most watched indicators of the recovery. Still, for a better idea of the local situation, check out our Real Estate Professional Insight blog and the Keith Byrd real estate statistic aggregator SLO County Homes.

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