Real Estate Investors Buy Bigger Share of Existing Homes ...

Real estate investors purchased 18 percent of the existing homes sold in August, up from 16 percent in July, according to data released today by the National Association of Realtors. The share purchased by first-time buyers fell to 31 percent, down from 34 percent the month before.

Overall sales rose 7.8 percent from July to August to a seasonally adjusted rate of 4.82 million homes, according to NAR, which tracked a 9.3 percent year-over-year increase in existing home sales. The median home price for all types of existing homes has risen 9.5 percent over the past 12 months to $187,400 in August.

?The housing market is steadily recovering with consistent increases in both home sales and median prices,? Lawrence Yun, chief economist, said in a statement. ?More buyers are taking advantage of excellent housing affordability conditions. Inventories in many parts of the country are balanced, favoring neither seller nor buyers.?

The housing market is strengthening despite persistent tight credit conditions, said Yun, a testament to ?sizable stored up housing demand that accumulated in the past five years.?? All-cash sales, typical of real estate investors, remained essentially unchanged from July, accounting for 27 percent of existing home sales in August.

Real estate investors acquire residential and commercial rental property as part of an overall strategy to build and consolidate wealth, according a new Millionaire Corner study, $25 Million Plus Investor 2012, which identifies rental income as one of the top three sources of income for the average $25 million plus investor. More than 40 percent owns residential rental property for an average value of $3.2 million.

Market conditions are buoying the confidence of home builders who started 2.3 percent more homes in August than in July, and 29 percent more than in August of 2011, according to data released today by the Commerce Department. The seasonally adjusted annual rate for new housing units now stands at 750,000. The number of building permits issued, a statistic used by real estate investors to predict future housing market trends, rose 1 percent from July to August, for a seasonally adjusted annual rate of 803,000, an increase of 24 percent from August of last year.?

Source: http://www.millionairecorner.com/article/real-estate-investors-buy-bigger-share-existing-homes

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