July home sales up almost 10%!
Could this be the end of the housing bubble? The Commerce Department reported today that new home sales increased 9.6 percent in July! Is this a sign that the housing market is climbing from the record breaking low it reached earlier this year?
Falling home prices have caused increased sales over the past four months, but this months increase was much greater than expected. Low prices and the federal tax credit/housing stimulus program offered by the governemnt to first time home buyers was probably a huge boost to the sales.
Could this mean our economy is finally starting to climb back out of recession? I’m not an expert on the subject matter, but I do know that now is a great time to buy a home. With record low home values and record low financing options it’s an obvious choice if you are in the market for a home. With these record high home sales it’s no doubt that home values and interest rates will soon start to climb. Don’t miss out on a great time to buy a home or even a rental property.