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Existing Home Sales Beat Estimates, Rise 3.6%

July 23rd, 2009 Michael McDonough
US existing home sales came in above the market consensus, rising 3.6% at an annualized rate of 4.89mn. Single family home sales increased by 2.4%, while condo/coop sales increased 14.0%. The months supply of home also improved moving to 9.4 months, compared to 9.8 in May. The median home price rose 4.1%, but still remains negative on a yearly basis. All in all, low prices combined with attractive mortgage rates are helping to stabilize the housing sector.

On a personal note, I was recently speaking to a developer in Boston who said business is once again picking up, but without private financing taking on new projects could be tough. He indicated that local banks were still hesitant on financing new deals, even in cases were the relationship has spanned decades. However, he is still working on several projects in Cambridge, and seems cautiously optimistic about the future.

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