The National Association of Realtors released the figures last week showing sales of existing-homes – which include single-family homes, townhomes, condominiums and co-ops – climbed 2.4 per cent to an annual (seasonally adjusted) pace of 5.15 million in July.
Existing-home sales data is an important barometer of the housing market as it represents most of the homes sold.
There was good news elsewhere in America in July, distressed home sales in the month dropped from the previous July to 9 per cent. The first time they had dropped to single digit figures since October 2008. First time buyer numbers rose for the second straight month to 29 per cent of all buyers.
With unemployment dropping in July the American economy seems to be heading in the right direction and all the indicators are pointing to now as being a good time to invest in property there.