According the National Association of Realtors -- existing home sales increased in May.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said buyers are recognizing a good time to buy when they see it. "Home buyers are starting to get off the fence and into the market, drawn by drops in home prices in many areas and armed with greater access to affordable mortgages," he said. "Today's buyer plans to stay in a home for 10 years, which is a good strategy for building long-term wealth."

Regionally, the Midwest saw the biggest increase in existing homes sale in May -- up 4.6 percent. Though every region was below last year's levels, this stabilization has many expert positive about the market.

The NAR report continues, "Although conditions remain mixed around the country, unpublished snapshot data shows a number of areas are experiencing much higher sales activity than May 2007, including Sacramento, the San Fernando Valley and Monterey County in California; Sarasota, FL; and Battle Creek, MI."

Published: July 2, 2008

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