The plunge in new home sales is only one negative in the housing market. In fact, there are several positives.
The housing market in July proved to be as hot as the summer, as the time on market, number of sales offers and the sales-to-list price ratio all improved, the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey found.
The time-on-market measurements fell to a three and a half year low or 8.6 weeks for non-distressed properties.
Additionally, housing offers reported an average of 2.3 offers for non-distressed properties sold in July, which is the fourth month in a row the national average has been at a three and a half year high.
Meanwhile, the sales-to-list price in Julys set a new high, with the ratio for non-distressed properties nationwide hitting 98% last month, up from 95.6% in December.