According to CNN.com the housing market really is on the turn!

CNN.com are reporting a record jump in existing home sales July-August 21st 2009 and that the volume of home re-sales has been on the upswing for four consecutive months. CNN.com also previously listed Ann Arbor as one of the top places to live in the USA!

Sales of previously owned single-family homes were up 7.2% compared with June and 5% from July 2008, The National Association of Realtors (NAR) reported earlier this month (as we blogged about!). The monthly gain was the largest on record for existing-home sales, which NAR has tracked since 1999. Also, excitingly July home sales hit an annualized rate of 5.24 million proprieties, marking the first time above the 5 million mark since last September, when they hit 5.1 million. CNN also note that affordability is good at the moment and that here in the Midwest sales rose 10.9% to a 1.22 million rate, 8% higher year-over-year. This comes at a time when Realty Times is also announcing that the Real Estate Market nationally is in "Growth Mode" with every region of the country seeing increases in pending sales in June. They also note that on the mortgage front, new purchase applications to buy houses rose again earlier this month, according to the Mortgage Bankers Association. Thirty-year average fixed rates fell to 5.2% from 5.4%. With the $8000 first time homebuyer's tax credit coming to an end soon, if you are a first time homebuyer now really is the best time to purchase a property to take advantage of the credit - as mentioned in this months Ann Arbor Real Estate Podcast.

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