Commercial real estate is currently having issues and continues on suffering due to current economy concerns stated by NAR (National Association of Realtors). One of NAR’s chief economists Lawrence Yun claims that turning down of sales had been somehow moderated but the biggest sign and indicator has decline far from the peak which means lesser business opportunities for specialists in businesses like leasing, sales and property management. The reduction of commercial real estate activity would still continue up until the first quarter of 2010. Changes may be expected before the second half of 2010. The falling of industrial production is said to be the reason for the declination in commercial real estate. Because of fewer jobs, fewer people require places for offices thus creating a downbeat on investments.
Les Christie from CNNMoney.com had also reported that the sales of homes previously owned by families reach its sales in July gaining 4 months in a row. It rose up to 7.2% compared to the previous year 5%. Its sales for the current record had been the largest sale recorded for existing homes sales which NAR tracked way back in 1999.
By July, home sales hit an annual rate of 5.24 million owners, making the first to break the 5 million annualized rate mark since September for 5.1 million.
Homes are selling strongest in the Northeast that reach 13.4% to an annual rate of 930,000. Which is 3.3% higher than July of last year. $236,700 is the median price for homes which records to 15% lower than the year of 2008. States in the Midwest soar to 10.9% to a 1.22 million rate, which records 8% higher for every year. Prices had lower to the rate of 5.9% over the whole year gaining a median of $157,200. For the South, sales went to 7.1% from June and 5.4% from last July paired to the rate of 1.95 million. Prices are also dropping to 7.1% to $164,500 for the whole year.
The West region on the other hand is the only region that skid the sales from 1.7% to a rate of 1.3 million. Compared to the listing of last year for 1.8%, the median was $202,300 a surprising 28% below from the year before.