New Housing Report Raises Question: Have We Hit Bottom?

Some good news for the housing market: The Warren Group reports today that single-family home sales jumped almost 12 percent in July from the same month last year.

There were almost 5,000 single-family home sales during the month, the best sales pace for the month of July since 2005.

Unit sales were even higher than June, which historically has been the strongest month for home sales.

So have we hit bottom yet?

Timothy Warren Jr., CEO of The Warren Group, thinks the market’s turned a corner when it comes to sales, but he doesn’t think it has hit bottom in terms of prices. Prices are still declining, he says.

But the rate of decline has slowed. And in some towns – Brookline, Franklin, Westport, Amesbury, Concord – prices have actually increased this year.

Source: Warren Group