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NAR: residential real estate sales down in Aug., but still strong

On Behalf of | Oct 3, 2014 | Residential Real Estate

The National Association of Realtors is reporting a slight slowdown in home sales took place nationwide in August. However, the group, which represents real estate agents in Delaware and across the country, believes that the picture is a mixed bag, and actually positive when it comes to first-time homebuyers.

The NAR announced that the Pending Home Sales Index fell 1 percent from July to August. It stands at 104.7 as of the end of August, which is 2.2 percent below what it was in August 2013. The index tracks home sales based on contract signings.

However, since 100 is considered to mean an average level of activity, this past August was still an above-average month for contract signings. It was the fourth consecutive month above 100.

What accounts for the reduction? The NAR’s chief economist believes that rising interest rates, and a smaller pool of distressed houses on the market, have reduced purchases by investors. He said that traditional buyers — those looking to buy a home to live in — are making up a greater share of the market, including first-time home buyers and younger adults.

In every real estate transaction, there is the possibility of something going wrong and a dispute coming up, whether it is between the buyer and seller, or between one of the parties and his or her real estate agent. If that happens, the people involved could need the help of a real estate attorney to protect their rights and obtain their goals in court.