The latest National Association of Realtors survey shows that sales in existing homes are up about 3.8%. The national average home price has declined, which has led to more affordablility for more people. Not only have sales risen, but the increase seems like it will be a stabilizing force for the economy.
“Given the need for related goods and services, each home sale pumps an additional $63,000 into the economy – that’s how the housing engine traditionally pulls us out of recession. In addition, sales are drawing down inventory and that will help stabilize home values, which in turn will lessen foreclosure pressure and boost credit availability for other sectors of the economy.”
Lawrence Yun, NAR chief economist