According to the National Association of Realtors, the number of home resales fell by 5.4% last month, reaching the lowest rate in 8 months. But while the amount of homes sold was less, the price that homes did sell for went up. This shows that fewer people were forced to sell under distressed conditions.
The median home resale price rose to $198,400, up nearly 8% from one year ago. This shows that the housing market is slowly picking up, despite the overall struggles of the broader economy. In addition to resales, groundbreaking for new homes is at the highest rate in three years.
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