Strong Gain in Existing-Home Sales Maintains Uptrend

Washington, August 21, 2009

According to the National Association of Realtors®, for the first time in five years, existing-home sales have increased for four months in a row, and the monthly increase is the largest in years.

Lawrence Yun, NAR chief economist, said he is encouraged. “The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” he said.

Read the entire release here.