The National Association of Realtors, yesterday, said home resales rose 7.6% to an annual rate of 5.77 million . Sales surged 22.8% vs. a year ago. The median existing-home price rose 2.1% vs. March and 4% vs. a year earlier.
The up-tick was caused buyers rushing to take advantage of the homebuyer tax credit. Buyers had to sign contracts by April 30, and those deals must close by June 30.
The big question is what happens to home sales post the government tax credit. Below are some additional facts not widely reported:
Loan demand for buying a home plunged 27% in the latest week to a 13-year low, the Mortgage Bankers Association said May 19.
Meanwhile, the number of previously owned homes for sale shot up 11.5% in April to 4.04 million, the highest since July and the biggest jump in 10 years, NAR said.
It would take 8.4 months to sell those homes at the current pace, up from 8.1 months in March and well above normal.
nice post. thanks.
Economists are overrated academics who base their analysis on assumptions that the world is linear and if “A” happens, then “B” will be the consequence.
The fact is the world of human behavior in the marketplace is far more complex than algebraic equations can demonstrate.
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