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This Tuesday, Aug. 21, 2012, photo, shows an exterior view of a home sold in Palo Alto, Calif. U.S. sales of previously occupied homes jumped in August to the highest level in more than two years, adding momentum to the housing recovery. The National Association of Realtors says sales rose 7.8 percent to a seasonally adjusted annual rate of 4.82 million. That's furnished apartment weekly rentals in phoenix the most since May 2010, when sales were fueled by a federal home-buying tax credit.
Sales of previously occupied homes rose 7.8 percent in August from July to a seasonally adjusted furnished apartment weekly rentals in phoenix annual rate of 4.82 million, the National Association of Realtors said Wednesday. That's the highest level since May 2010, when sales were aided by a federal home-buying tax credit.
At the same time, builders broke ground on 2.3 percent more homes and apartments in August than July. The Commerce Department said the annual furnished apartment weekly rentals in phoenix rate of construction furnished apartment weekly rentals in phoenix rose to a seasonally adjusted 750,000. The increase furnished apartment weekly rentals in phoenix was driven the best rate of single-family home construction since April 2010.
The pair of reports comes amid other signs of steady progress in the housing market after years of stagnation. New-home sales are up, builder confidence is at its highest level in more than six years and increases in home prices appear to be sustainable.
"The U.S. housing recovery is for real," said Sal Guatieri, an economist at BMO Capital Markets, in a note to clients. "Great affordability, pent-up demand and strong investor interest in rental units are driving the market."
Still, home sales and housing starts are rising from depressed levels. Sales of previously occupied homes remain below the more than 5.5 million that economists consider consistent with a healthy market.
The number of first-time homebuyers, furnished apartment weekly rentals in phoenix who are critical to a housing rebound, slipped to 31 percent from 34 percent. In a typical market, that figure is usually closer to 40 percent. Strict furnished apartment weekly rentals in phoenix credit standards are making it harder for many first-time buyers to qualify for mortgages.
Sales might be higher if more homes were available, the Realtors' furnished apartment weekly rentals in phoenix group said. The limited supply is helping furnished apartment weekly rentals in phoenix to lift prices. There were 2.47 million homes available for sale in August. It would take just over six months to exhaust that supply at the current sales pace. That's the typical pace in a healthy market.
Homes are selling more quickly than a year ago. The median amount of time that a home spent on the market was 70 days in August, the Realtors' group said. A year ago, the median timeframe was 92 days a year ago.
One reason for the price gain is that sales of foreclosed homes and so-called short sales have declined. A short sale is when the seller owes more on the mortgage than the home is worth. Both foreclosure and short sales occur at steep discounts and can drag down overall home prices.
Applications for building permits, a good sign of future construction, dipped in August to an annual rate of 803,000. Still, permits reached a four-year furnished apartment weekly rentals in phoenix high of 811,000 in July, which was revised higher.
"Since builders are not taking out permits because it is fun to visit their local government office furnished apartment weekly rentals in phoenix and pay fees, we can conclude that there should be a solid rise in construction in the months to come," said Joel Naroff, chief economist for Naroff Economics Advisors.