U.S. home sales rose in 39 states from the first quarter to the second quarter, another sign that the beleaguered housing market is finally improving.
Nationwide, total quarterly sales of single family homes rose 3.8 percent to a seasonally adjusted annual rate of 4.76 million, from 4.58 million in the first quarter. Still the second quarter sales rate was about 3 percent lower the same quarter a year ago, the National Association of Realtors said Wednesday.
Sales jumped 20 percent or more in Idaho, Hawaii, New York, Wisconsin and Nebraska during the second quarter compared to the previous quarter. But sales fell by at least 6 percent in Alaska, Wyoming, California, Colorado and Michigan.
A number of Midwestern states, including hard-hit Michigan, Minnesota and Iowa, actually saw the sales rate jump in the 2nd quarter of this year compared to last year’s. The jump can be highly attributed to falling prices, deals on foreclosures and distressed properties, low interest rates and a tax credit aimed at first-time home buyers.