Sale for previously owned homes bounces up – Find your home now!

As the crisis for housing market continues, the month of August registered a growth in the sale of the previously owned homes. The number increased to 4.13 million in August compared to 3.84 million in July, but was actually by 19% from what was registered in August 2009. The sales were up by 30% compared to previous month. Census estimates were in favor of edging up of the sales with a 4.10 million annual rate.

This hike in the home sales is looked upon as a welcome change when the last month's reports were not really impressive. July 2010 reports showed that the home sales went down by 27%, which is the lowest ever record to be registered. Though the August results weren't very pretty, they weren't even the ugliest. Compared to July, the results went up, but when compared to June, the results were downgraded and lagged by 21.5%. This single month upward trend cannot be looked upon as the recovery era for the housing market. Experts still think that the housing market will take time to revive as the growth for the market will be gradual and slow.

This growth in home sales in the month of August has good news for the homebuilders as the inventory of previously owned houses has gone down by 0.6%. However, there is still ample supply of foreclosed properties, which will be enough to cover sales of preoccupied properties for the next year. Experts have analyzed that in order to maintain a proper balance between supply and demand in the housing market, the inventory must last for a maximum of 6 months.

Experts say that there are chances of the home prices may dip further down by 10-25% and this will be a result of sluggish economic growth. So, if you are a prospective homebuyer and you are willing to invest in foreclosed properties, it is the best time. It will be a win-win situation for you.

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