U.s. Sales Of Existing Homes Beat Expectations

By Author: Bruce Wills
Total Articles: 52
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U.S. sales of existing homes beat expectations

Tax credit lifted the sales of existing homes by 7.6% in the month of April as compared to previous year .The annual sales rate touched 5.77 million units, although, the market expectation was of 5.65 million-unit. Economists are predicting the sales will rise again as the economy strengthens.

Sales of single -family homes rise 47.8% in April

The sales of new single-family homes rose 47.8% in April 2010 as compared to April 2009.Tax credit and the improvements in job conditions may further raise the sales of homes which may trigger the prices.

Buyers had to enter into an agreement before April 30 and the deadline for closing the sale-agreement is June 30, therefore, in the next few months the sales are expected to remain high.

Home prices up 0.3% in March

According to Federal Housing Finance Agency the prices of single-family homes rose in the month of March for the first time since November by 0.3%.

The national median home price was 4% up from April 2009 to $173,100, which is the highest rise since September .The prices of homes ...
... were 2.1% up from March 2010.

The S&P/Case-Shiller report released on Tuesday indicated the prices were down last month by 0.3% (seasonally adjusted prices) in April after lowering by 0.1% in March and it is increasing at the rate of 2.4 % from last year.

Home buyers making cash purchases

U.S. economy is recovering from one of the worst recessions and one-third of the homes sold in the month of April were foreclosure homes, according to NAR reports. First-time home buyers accounted for 49% of the transactions, which indicates almost half of the home buyers in April were not first-time home buyers.

It has also been found that 26% of the home buyers made cash purchases and mortgage applications received by banks were not high. Sales of single-family homes rose to a five-month high due to improvement in economy and employment conditions. A number of choices for low cost properties triggered the sales of homes and many buyers invested in secondary homes for investment purpose.

Home buying and selling in Detroit

Many buyers are investing in rental properties to get easy monthly income and Detroit has cheapest rental properties that attract investors. There are a number of offers in Detroit and investors are lining in to get these properties. Local government aims to improve the infrastructure and security, and it is planning to provide tax credit benefits to attract fresh investments into the city. Many non-government organizations in health and IT sectors have invested in setting up new branches to attract young employees.

Mayfair Group provides cheap foreclosure properties at one-fourth of market price in Detroit to get easy rentals and to benefit from improving U.S. market. Investment properties provided by Mayfair Group include three-bed detached house fully managed by the local partners of the group in Detroit. Asset management features starts from the selection of investment properties to relocation of tenants, collection of rents and sale of properties.

For more information log on to Detroit Property Investment,Mayfair Group or Mails us at- info@mayfair-group.com, myfairgroup@gmail.com, webmaster@mayfair-group.com