US existing home sales up year-on-year

Sales of existing homes in the US fell during July compared to June, but were 21 per cent higher than in the same month in 2010, the latest figures from the National Association of Realtors (NAR) have revealed.

Meanwhile, the organisation noted that the average US house price has dropped by 4.4 per cent in a year, to $174,000 (£105,556).

NAR chief economist Lawrence Yun urged banks to improve the amount of credit available, stating that, at present, "only the most highly qualified borrowers" are being offered finance.

He added that "ignoring a large share of otherwise creditworthy buyers" could "represent the difference between an uneven recovery and a much more robust housing market".

The NAR research showed that the number of first-time buyers entering the market increased marginally between June and July, while there was a small drop of purchasing activity among investors.

Earlier this month, the association published its report for the second quarter of the year, which showed that 27 per cent of metropolitan areas in the US experienced house price rises compared to the same period in 2010.
 

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