National Home Builders Association July Update Summary:
Existing Home Sales (homes, condos, townhouses):
July home sales up 2.4% from June which is the fourth consecutive monthly rise. Sales are still down 4.3% from the year earlier.
July sales running at an annual pace of 5.15 units and outlook for existing home sales is positive.
First Time home buyers are now 29% of all purchases, up for the third consecutive month.
However, first time buyers are still down from the historical average of 40% of all sales.
Distressed sales are now below 10% of all sales for first time since 2008.
New Home Sales:
July new home sale were at an annual pace of 412,000, down 2.4% from June.
2013 new home sales were 429,000 units.
New Multi-Family Construciton:
Multi-Family construction is at record levels. 94% of units were rental units and condo construction lags.