Home sales jump 7.7% as foreclosures rise

By Lin37 Comments

http://finance.yahoo.com/news/Home-sales-jump-77-pct-as-apf-2095700257.html?x=0&sec=topStories&pos=main&asset=&ccode=

The National Association of Realtors said Wednesday that home sales rose 7.7% last month to a seasonally adjusted annual rate of 5.03 million homes. That’s below the 6 million that economists say is consistent with a healthy housing market.

Last month’s pace was slightly ahead of the 4.91 million sold in 2010, the worst sales level in 13 years.

Homes at risk of foreclosure made up 31% of sales. That’s up from 29% in July. Many are being bought by investors.

At the same time, activity among first-time buyers made up only 32% of sales, matching the July level. They normally make up 50% of home sales in healthy markets.

The median sales price dropped roughly to $168,300 in August from July. A key reason was the rise in foreclosures and short sales. Those homes sell at an average discount of 20 percent.

Investors are taking advantage of the discounts. Their purchases made up 22% of all sales last month, up from 18% in July.

The high rate of foreclosures has made re-sold homes much cheaper than new homes. The median price of a new home is roughly 30% higher than the price for a previously occupied home — twice the normal markup.

Contracts were cancelled at a higher rate in August, with 18% of Realtors saying they had at least one contract scuttled. That’s up from 16% in July.

News, News-Housing

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