July home sales surge more than 7 percent

The U.S. housing market is rebounding faster than expected. The question is, can it last? Home re-sales in July posted the largest monthly increase in at least 10 years as first-time buyers rushed to take advantage of a tax credit that expires Nov. 30. Sales jumped 7.2 percent and beat expectations.

There are literally hundreds of homes perfect for the first-time homebuyer in Cabot Homes Groups inventory of homes in the South Florida Market.

Sales nationwide hit a seasonally adjusted annual rate of 5.24 million in July, from a pace of 4.89 million in June. It was the fourth-straight monthly increase and the strongest month since August 2007. Sales had been expected to rise to an annual pace of 5 million, according to economists. A recent survey by Forbes showed the South Florida market to be one of the fastest growing. Cabot Homes Group has experts in the field and particularly in this market poised to help all homebuyers and especially first time homebuyers find the home that’s right for them.

The risks to that healthy pace, however, are job cuts, mortgage rates and the looming end to the homebuyer tax credit. And the last one could be a significant because first-time buyers are snapping up one out of every three homes.

First-time buyers get a credit of 10 percent of the purchase price of a home, up to $8,000. The credit phases out for singles earning more than $75,000 and couples earning more than $150,000. While it can be complicated, your Cabot Homes Group expert can help you make sense of the many programs available with an individualized experience designed to take advantage of every opportunity available for your particular circumstance.

Right now the real estate industry is lobbying to have the credit extended, however, its unclear if Congress will be swayed. If you’re a first time homebuyer let Cabot homes experts help you make this program and a part of your wise home buying investment before it goes away.

The home sales report was another sign that the U.S. economy is on the verge of a long-awaited recovery after enduring a brutal recession and the worst financial crisis since the Great Depression.

Sales of foreclosures and other distressed properties made up about a third of all transactions last month, down from nearly half earlier this year. In places like San Diego and Orlando, buyers are snapping up foreclosed properties at deep discounts, and inventories are low. Here in the South Florida real estate market there are still great values to be found. Cabot Homes Group has hundreds of homes selling at a value. Taking time now to talk to a Cabot Homes Group agent can result in you getting a great bargain for a property, which will be a home and an investment for you for years and years.

The inventory of unsold homes on the nationwide market rose to 4.1 million, from 3.8 million a month earlier as buyers who had held their homes off the market in the past decided to list them for sale. If you’re a seller sitting on the sidelines we at Cabot Homes Group believe now can be a good time to list, as inventories and, more importantly, home values are stabilizing and beginning to rise.