Nationwide, sales of previously owned U.S. homes took a record plunge in July to their slowest pace in 15 years, underlining the housing market's struggle to find its footing without government aid.
Tuesday's report from the National Association of Realtors, which was much worse than market expectations, was the latest data that indicated economic activity continued to slow into the third quarter.
The National Association of REALTORS (NAR) said overall sales were at their lowest since it started the existing-home sales data series in 1999, with single-family home sales that account for most business at their lowest since 1995. Association chief economist Lawrence Yun characterized overall sales as the softest since 1995.
What about Kansas City?
Existing home sales rose .2 percent from June 2009 through June 2010.
Average value per unit increased from $203,000 to $206,212 in Johnson County, Kansas.
The drop in the Kansas City market -- released by the local Realtors and reported last week in The Star -- was even steeper. The existing home sale tally was 1,537, down 39 percent from a year ago. In addition, the 102 new homes sold in the metropolitan area last month was down 61 percent from July 2009.
TAX CREDIT PARTIALLY TO BLAME
Nationwide, the housing market, which helped to push the economy into its worst recession since the Great Depression, has been mired in weakness following the end of the tax credit in April.
With home sales tumbling, the inventory of previously owned homes for sale rose 2.5 percent to 3.98 million units from June, representing a supply of 12.5 months -- the highest since at least 1999 and up from June's 8.9 months.
The jump in the supply of homes was almost double the six to seven months' supply considered that has been historically consistent with stable prices.
Last month foreclosed properties accounted for 22 percent of sales while short sales made up 10 percent. First-time buyers accounted for 38 percent of transactions, the lowest in 12 months.
The national median home price rose 0.7 percent from July last year to $182,600.
However, that wasn't the case in the Kansas City area. Though sales got clobbered, prices did stabilize. The average existing-home sales price was $157,488, down just 2 percent. And the average new-home sales price in July was $331,567, up 7 percent from 2009.
The homes that are selling have several things in common: they are marketed effectively, they are priced competitively, and professional, full-time Realtors are delivering on years of experience to the advantage of the Seller.
Should we talk?
Tuesday's report from the National Association of Realtors, which was much worse than market expectations, was the latest data that indicated economic activity continued to slow into the third quarter.
The National Association of REALTORS (NAR) said overall sales were at their lowest since it started the existing-home sales data series in 1999, with single-family home sales that account for most business at their lowest since 1995. Association chief economist Lawrence Yun characterized overall sales as the softest since 1995.
What about Kansas City?
Existing home sales rose .2 percent from June 2009 through June 2010.
Average value per unit increased from $203,000 to $206,212 in Johnson County, Kansas.
The drop in the Kansas City market -- released by the local Realtors and reported last week in The Star -- was even steeper. The existing home sale tally was 1,537, down 39 percent from a year ago. In addition, the 102 new homes sold in the metropolitan area last month was down 61 percent from July 2009.
TAX CREDIT PARTIALLY TO BLAME
Nationwide, the housing market, which helped to push the economy into its worst recession since the Great Depression, has been mired in weakness following the end of the tax credit in April.
With home sales tumbling, the inventory of previously owned homes for sale rose 2.5 percent to 3.98 million units from June, representing a supply of 12.5 months -- the highest since at least 1999 and up from June's 8.9 months.
The jump in the supply of homes was almost double the six to seven months' supply considered that has been historically consistent with stable prices.
Last month foreclosed properties accounted for 22 percent of sales while short sales made up 10 percent. First-time buyers accounted for 38 percent of transactions, the lowest in 12 months.
The national median home price rose 0.7 percent from July last year to $182,600.
However, that wasn't the case in the Kansas City area. Though sales got clobbered, prices did stabilize. The average existing-home sales price was $157,488, down just 2 percent. And the average new-home sales price in July was $331,567, up 7 percent from 2009.
The homes that are selling have several things in common: they are marketed effectively, they are priced competitively, and professional, full-time Realtors are delivering on years of experience to the advantage of the Seller.
Should we talk?
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