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July Home Sales Report

By AgentImage, Tuesday, September 24, 2013
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S&P Case-Shiller Home Price Index for July was just released!

Nationwide, existing home sales rose over 12% in July 2013 Annually.

New Home builders, such as KB Homes & Lennar Homes, reported separately, showed surges in the average price of their newly built homes by 23% & 16% respectively. This could be largely tied to the slim inventory that exists today.

As we’ve discussed on many occasions, price increases are due to increased demand and decreased supply – elementary economics. Demand has been the driver in this current home sale market.

Case-Shiller reported a deceleration in the July Report from their prior report – obviously a result of the rapid rise in interest rates – but the year over year gain remains strong and is expected to continue.

Town and Country Home Sales Reports for the Hamptons and North Fork are published quarterly. We expect favorable reports relative to the criteria T&C monitors in the various markets.