Are Home Sales Up or Down? Irvine Real Estate – Irvine Homes for Sale

by Robert Mack on November 30, 2010

in Buyers, Latest News, Sellers

Reading the headlines, you see that existing home sales are down. Then you turn the page and notice that purchase applications are up. Does that make any sense? But both statements are true.

First, looking at the October report of the National Association of Realtors, which reports on October sales, we see that existing home sales dropped 2.2 percent from September and 24.9 percent from a year earlier. Now that 12-month drop might sound really bad, but remember, in October 2009 homebuyers were rushing to make a purchase in time to take advantage of the first homebuyer tax credit. So the October 2009 numbers were much higher than normal.

Lawrence Yun, who is chief economist for the NAR, said the recent pattern in home sales can be expected to continue.

“The housing market is experiencing an uneven recovery, and a temporary foreclosure stoppage in some states is likely to have held back a number of completed sales,” he said. Still, sales activity is clearly off the bottom and is attempting to settle into normal sustainable levels. Based on current and improving job market conditions, and from attractive affordability conditions, sales should steadily improve to healthier levels of above 5 million by spring of next year.”

So he expects the recovery to continue. But the NAR tends to try to put a rosy spin on the picture. You may have a hard time believing that there are signs to recovery from the association which represents those dependent on improving real estate sales.

via housingwatch.com for the complete article

Are home sales in Irvine Orange County up or down? Check out this great article that talk about how sales are down but the number of purchase applications is up!

Posted on Irvine Orange County Real Estate Market News

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