Home Sales Bounce Back a Little
Posted by Lee Cameron on Thursday, September 23rd, 2010 at 11:22am.
Ever feel like you're riding a yo-yo? If you're paying much attention to the housing market, you might be. After a stomach-turning, nearly 30% drop in July, home sales managed to bounce back in August.
Home sales managed to rise almost 8% last month, according to the National Association of Realtors (NAR). That brings the total number of sold units last month to 4.13 million, up from July's 3.84 million but still, unfortunately, 19% below the amount of sales from this time last year.
This small bounce doesn't necessarily mean that recovery has started, but it's certainly better than seeing the market continue to fall as it did in July. Home prices are low, inventory is high, buying options are more attractive and affordable than ever - everything is in place to begin the market's recovery. Unfortunately, economic uncertainty continues to haunt American homebuyers, making the response understandably slow and cautious.
Hang in there, everybody. The recovery is coming. We just have to manage to hold onto the yo-yo for a little while longer.
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