The contracts signed for previously owned homes increased in July; however this is still well below last years figures for the same month. This performance was not anticipated, and the NAR(National Assoc of Realtors) adjusted index rose by 5.2%. The performance was well below last years figures indicating the down turn in sales activity on existing home sales. The June figures were the lowest on record, again a seasonal dimension here with the holiday period taking place.
High unemployment and little growth in the jobs market and of course the lack of lending by the banks have hit the housing market. The low sales activity is Nationwide and it will take an innovative drive by the Washington administration and better service by the realtor associations and bankers to push the property market into consistent growth.
