Housing Market Gets A Boost with Increased Home Sales

There has been an increase in the number of homes sold this year in comparison to the same time last year. The month of July showed a 2.3% increase in the number of homes sold according to a report by the National Association of Realtors.

Although inventory has decreased the pricing of homes still continues to be lower than the peaks experienced in 2006. Many current homeowners are still paying mortgages on homes that exceed their current value.

Some factors that attribute to the pricing could be the unstable job market and stricter lending practices which do not lend itself to increased values. This is despite the fact that mortgage rates are at record lows.

Read more at the NY Times.