The Housing Market’s ‘Jekyll-and-Hyde Month’
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Sharga: the housing recovery’s moving more slowly than many would like.
IRVINE, CA—Calling it “another Jekyll-and-Hyde month” for the residential market, Auction.com’s Rick Sharga points out that although June saw the best results for existing home sales since before the downturn, and also set a new high for median prices, the month’s news was not all positive. In the July Housing Round-up posted this past Friday, Sharga points to the under-representation of first-time homebuyers, citing this as one reason why homeownership rates continue to fall, reaching lows not seen since the 1960s.
Furthermore, sales of new homes did not fare as well. And the National Association of Realtors followed up its positive report on existing-home sales with the news that pending sales declined slightly in June from the previous month…
