Existing-home sales have increased four months straight.  According to the National Association of Realtors, this is the first time in five years the increase has been this consistent. 

Existing home sales rose 7.2% in July. 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.  This monthly sales gain is the biggest for total existing home sales since about a decade ago.

The National Association of Realtors president went on the further say.“Realtors® are the best resource for consumers in these changing market conditions because the transaction process has become more complex.  Since it’s now taking longer to complete a home sale, first-time buyers who want to take advantage of the $8,000 tax credit should try to make contract offers by the end of September.”