The national sales report came out this week...not great news, but pretty close to what was expected:
Bad News: Sales of existing homes dropped 27.2 percent to the lowest level in over a decade. Inventory also increased. Anyone who has money in the stock market saw the effects of this when the report was released.
Good News: Home prices continued to increase
The sharp decline of home sales in July was in large part to the expiring tax credit. Many people who planned to buy a home this year purchased in the spring to tax advantage of the First Time Homebuyer/Move-up Buyer Tax Credit. In the Vancouver area, annual sales for 2010 are still higher than 2009. Overall, this year should still be a much better year than last. However, the housing market will not truly begin to recover until unemployment numbers drop.
