July turned out to be a positive month for the housing market. Existing home sale and unit sale percentages significantly increased. From June to July existing home sales rose 2.3 percent and unit sales increased from 4.37 to 4.47 million according to the National Association of Realtors. Experts said these are all positive signs for both the housing market and the economy. The NAR attributed the improvement to two factors: the lowest interest rates since before the housing market crashed and a stable increase in the job market.
Although the numbers from July 2012 compared with 2011 are optimistic, senior economist at the Royal Bank of Scotland, Michelle Gillard, said she anticipates a gradual recovery for the housing market. Unit sales rose 10.4 percent from July 2011 to July 2012. Another positive sign for the economy is the prices of homes are also on the rise. The average price has increased 9.4 percent since last summer.
The housing market is still facing obstacles such as tight lending standards and lessening housing inventory due to sporadic foreclosure waves. The National Association of Realtors has requested that the government rapidly turn over foreclosed properties, in an attempt to speed up the recovery.
To read more on this story visit: http://economywatch.nbcnews.com/_news/2012/08/22/13413991-housing-market-improved-a-bit-in-summer?lite
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