Existing-home sales not reflective of current market | Bedford NY Real Estate

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Existing-home sales flourished in July, with the median price continuing to see double-digit year-over-year increases, according to data from the National Association of Realtors.
Total existing-home sales — which include single-family homes, townhomes, condominiums and co-ops — rose 6.5% in July to a seasonally adjusted annual rate of 5.39 million units, up from a downwardly revised 5.06 million in June. Year-over-year, existing-home sales rose 17.2% from the 4.50 million-unit pace set in July 2012.
The impressive growth in existing-home sales would seem to suggest a continually improving housing market. But David Berson, chief economist at Nationwide, believes it may be premature to assume this report is directly correlated with the current housing market.
Existing-home sales data tends to lag what’s happening in the market to some extent because the data takes into account when a buyer actually closes on the home.
The lag time for existing-home sales is typically 60-90 days, said Berson, meaning the report on July sales is actually more reflective of the housing market between April and June, when mortgage rates were significantly lower than they are today.


Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Existing-home sales not reflective of current market | Bedford NY Real Estate

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