The constant "doom and gloom" news reports might make you feel as if everyone is in foreclosure and that no one is buying any homes. Of course, that is the farthest thing from the truth. In fact, there are some bright spots in the housing market.
The National Association of Realtors reported that sales of existing (previously owned) homes shot up 7.6% in August to a seasonally adjusted annual rate of 4.13 million units. Another sign of strength is that the median sales prices actually increased, which shows that homes are not being moved due to lower prices. The median sales price rose 0.8% to $178,600.
Sales grew in every region of the country. They rose by 14% in the West, 8% in the Northeast and 5% in the Midwest and South.
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