Rising home sales in July create a 6 month streak of increase in home sales
Home Sales up in July
According to the pending home sales index of the National Association of Realtor’s, home sales were up 3.2% in July, on top of a 3.6% increase in June. The increase in sales are part of a six month streak in rising home sales.
Julianne Pepitone of CNN Money writes, ” The first-time home buyers tax credit, passed earlier this year as part of the economic stimulus package, is worth 10% of the home purchase price up to $8,000. People who have not owned a home in the previous three years are eligible for the credit.
However, the tax credit expires on Nov. 30 and it usually takes about 90 days to close on a house after a contract is signed. As of Sept. 1, there were only 90 days left before the credit ends.
The average middle-income family can now spend less than 25% of monthly income to buy a median-priced home.
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