US property sales 'still on upward trend'

Sales of existing property fell in the US last month, but the long-term trend is still upwards, the National Association of Realtors (Nar) has stated.

Figures from the body indicated a 2.7 per cent decline in the seasonally adjusted tally of sales in August, following a 15.2 per cent rise over the preceding four months.

However, the total of sales last month is still 3.4 per cent higher than the number in August 2008, up from 4.93 million to 5.1 million.

Nar's chief economist Lawrence Yun said the market has been bolstered by stimulus package elements aimed at getting people on the property ladder.

"The first-time buyer tax credit is having the intended impact of bringing buyers into the market, allowing them to take advantage of very favourable affordability conditions," he stated.

Earlier this month the chief executive of overseas property portal Homesgofast.com Nicholas Marr said there are "superb opportunities" for buyers seeking bargains in the US at present.

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