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Your Monthly Real Estate Market Update:Strong Gain in Existing-Home Sales Maintains the National & Local Market Uptrend
Will ColleyBroker/OwnerERA United Realty395 South Atlanta StreetRoswell, GA 30075Direct: 404-557-9053Email: Will.Colley@ERA.comSeptember 1, 2009Welcome to your monthly real estate Market Update! There is good news to report. For the first time in five years,existing-home sales have increased for four months in a row, according to the National Association of Realtors®.Existing-home sales rose 7.2 percent. The last time sales rose for four consecutive months was in June 2004, and the lasttime sales were higher than a year earlier was November 2005. The monthly sales gain was the largest on record for thetotal existing-home sales series dating back to 1999.Lawrence Yun, NAR chief economist, said he is encouraged. “The housing market has decisively turned for the better. Acombination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordabilityconditions are contributing to higher sales,” he said.
Atlanta has followed a positive path similar to the national market, and for the first time in a very, very, very long time year-over-year sales were up in July. Inventories have dropped significantly to December 2006 levels. Compared with July2008, expired listings are down and withdrawn listings are down. Average sales price is still off 9.8% but it is the smallestyear-over-year decline since February 2008. Hopefully, August will continue the positive trends.
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