Existing home sales rose 6.5% in July, reaching their highest level in nearly four years, the National Association of Realtors stated in a news release today.
Existing Home Sales
Existing home sales have remained above year-ago levels for 25 months. In July existing home sales rose 6.5 percent to a seasonally adjusted annual rate of 5.39 million in July, 17.2 percent above the 4.60 Million-unit pace in July 2012. Existing home sales are completed transactions that include single family homes, townhomes, and condos.
Tight Housing Inventory Leads to Price Growth
At the end of July, total housing inventory rose 5.6 percent to 2.28 million existing homes available for sale. Listed inventory is 5.0 percent below a year ago. “Tight inventory in many areas means above-normal price growth for the foreseeable future,” said Lawrence Yun, chief economist at the National Association of Realtors.
Median Home Prices Rise
In July, the median existing home price for all housing types was $213,500 – a 13.7 percent jump from July 2012. This is the 17th consecutive month of year-over-year price increases.
Begin the Mortgage Process
Does recent housing and finance news have you wondering if now is the time to buy a home? To begin the mortgage process, contact a licensed mortgage loan originator near you using our branch locator. Prospective home buyers don’t need to have a purchase property in mind to begin the process. Our loan professionals can help you determine what loan program will be best suited to your financial situation and provide a pre-approval to aid in your house hunting adventures. If its more convenient for you, you can simply apply online now, and we will connect you with a loan officer in your area.
About Inlanta Mortgage – Celebrating 20 Years
Celebrating its 20th Anniversary, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.
Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS #1016. Inlanta Mortgage is proud to be named to the Scotsman Guide Top Mortgage Lenders 2012 list and to be among the Top 100 Mortgage Banking Companies in America in 2012 and Fastest Growing Milwaukee-Area Firms.