ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL- 08/23/2012

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 08/23/2012

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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Home prices post strongest growth since 2006 with July inventory down 24 percent from a year ago. Demand for homes grew faster than the inventory of homes for sale in July, helping push the national median price of existing homes up for the fifth month in a row despite a modest increase in sales that fell short of some analysts’ expectations.

The National Association of Realtors said today that the national median price of existing homes was up 9.4 percent from a year ago in July, to $187,300 — the strongest annual gain since January 2006. The last time the national median home price posted five consecutive months of annual gains was January to May of 2006.

Sales of existing homes — resales of single-family homes, townhomes, condominiums and co-ops — were up 2.3 percent from June to July, to a seasonally adjusted annual rate of 4.47 million. That’s a 10.4 percent increase from a year ago.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

“Mortgage interest rates have been at record lows this year while rents have been rising at faster rates,” said NAR Chief Economist Lawrence Yun in a statement. “Combined, these factors are helping to unleash a pent-up demand.”

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Although the number of existing homes on the market was up 1.3 percent from June to July, to 2.4 million, that represents a 6.4-month supply of homes at July’s faster pace of sales, down from 6.5 months of supply in June. And looking back a year, listing inventories were down 23.8 percent, when there was a 9.3-month supply of existing homes for sale.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Analysts generally consider a six-month supply of existing homes to be a healthy balance of supply and demand. More than that indicates that sellers significantly outnumber buyers, which puts downward pressure on prices.

Although first-time buyers accounted for 34 percent of purchases in July, up from 32 percent in June, in a normal market they account for 40 percent of purchases, NAR said.

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