Is the U.S. housing market starting to recover? Let’s check the latest numbers.
The latest homes-for-sale data in FNC’s National Collateral Database™, which represent two-thirds of for-sale home listings nationwide, show a modest uptrend in July. The number of homes for sale rose 6.5% from June, or 30% from a year ago.
In June, total home sales (including new and existing homes) rose more than 13% compared to May. Foreclosure sales accounted for nearly 23% of total sales, up 4% from the previous month but down about 8% from a year ago.
In the meantime, homeowners are cutting prices less aggressively. In June and July, median listing price discounts (i.e., seller’s initial asking price markdown) stood below 10%, a drop of more than 3-4% compared to early part of the year.
All signs of market recovery are pointing in the right direction despite sustained high unemployment and much weakened economic growth throughout the first half of the year.
What do you predict the housing market will do? Let us know in the comments.
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