August 27th, 2012 - by Judi Desiderio
Filed under: Business, Home Sales Reports, National Housing Market, Real Estate

National Association of Realtors (NAR) announced re-sales of single family homes, town houses, condos & co-ops grew 2.3% in July from June to a seasonally adjusted 4.47 million. Additionally, the year over year July sales jumped an impressive 10.4%. NAR’s economists predict home sale to reach 5 million in 2013.

On a national level, home sale prices, year over year, had a strong performance at 9.4%.

Lawrence Yun, NAR’s Chief Economist remarked that demand is stronger due to low mortgage interest rates & rising rents but “ the market is constrained unnecessarily tight lending standards and shrinking inventory supplies, so housing could easily be much stronger without these abnormal frictions”.

Regionally, we are enjoying a balanced market, but again banks continue to have a strangle hold on our housing market as well

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