August Existing Home Sales at Pre Recession High


According to the National Association of Realtors, existing home sales rose an unexpected 6.5% in August to an annual sales rate of 5.48 million, the highest level since Feb 2007, even though economists expected a drop from July’s sales pace. The inventory of homes has edged up with fewer sellers remaining “underwater” and wanting to take advantage of the, however temporary, “sellers” market.

In Maricopa County, the number of single family homes sold in August of 2013 was at 5,493 as compared with 3,906 in Feb. of 2007, and 6,436 in August of 2012. Comparatively speaking, in Scottsdale, August 2013 showed 394 single family homes sold, compared with 301 in February of 2007, and 436 in August 2012 showing stronger sales results in Scottsdale than in the Valley as a whole. This probably is a result of fewer investors/cash buyers in the under $200K range and increased higher end purchases.