San Diego, CA (PRWEB) August 1, 2009
RealEstateInvestor.com (REI) is announcing its excitement and optimism in data released last week that shows the U.S. housing market has started to recover from the most serious economic downturn since the Great Depression.
The data reveals that sales of previously occupied homes increased for the third consecutive month in June, according to the National Association of Realtors. That has not happened since early 2004, when the boom was occurring.
Experts are optimistic about this turnaround. "We're excited at these new numbers and everything points to this trend continuing," RealEstateInvestor.com CEO, Colin Egbert states.
Stocks reflected this news, with the Dow Jones industrial average rising above 9,000 for the first time since early January.
Sales in homes rose 3.6% to a seasonally adjusted annual rate of 4.89 million last month, from a decrease of 4.72 in May. Home sales were up in all four regions of the country.
These numbers beat economists' expectations, as they were the highest level of sales since last October.
Another encouraging sign--the number of foreclosures on the market is shrinking. Approximately one out of three homes sold in June was foreclosure-related; this has decreased from nearly half earlier this year.
Also, the number of homes up for sale decreased to 3.8 million. That is a 9.4-month supply at the current sales pace and another important sign that the market is recovering. According to the Realtors's group, when the market balances at a 7-month supply, prices will begin to stabilize.