July 14, 2024

Home Sales

home sales
Bob Schwartz, real estate broker

The National Association of Realtors just reported that home sales increased 5 percent in December to the best level since January 2011 and the third straight monthly increase.

Home sales for2011, totaled 4.26 million. That’s up from 4.19 million the previous year, but, below the 6 million that economists equate with healthy housing markets.

The median home sales price in December rose 2.3 percent to $164,500.

Lawrence Yun, NAR chief economist, said these are early signs of what may be a sustained recovery. “The pattern of home sales in recent months demonstrates a market in recovery,” he said. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to another record low of 3.96 percent in December from 3.99 percent in November; the rate was 4.71 percent in December 2010; recordkeeping began in 1971.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said more buyers are expected to take advantage of market conditions this year. “The American dream of homeownership is alive and well. We have a large pent-up demand, and household formation is likely to return to normal as the job market steadily improves,” he said. “More buyers coming into the market mean additional benefits for the overall economy. When people buy homes, they stimulate a lot of related goods and services.”

Total housing inventory at the end of December dropped 9.2 percent to 2.38 million existing homes available for sale, which represents a 6.2-month supply(2) at the current sales pace, down from a 7.2-month supply in November.

Let’s hope home sales continue to improve in 2012.

1 thought on “Home Sales Increase

  1. I am interested to buy a House that is for sale in your country.send me details.
    if you are not in to Property, Real Estate Business can you assist me to get a house that i can buy in your city,if i buy the houses you will assist me to let them out for people to live and you will be receiving money from the tenant on my behalf.this will be my only source of income after my retirement if you are interested to work with me i will pay you commission i will be retiring from service soon.please advice.But you can still send to me the cost of the one available you have now. please i need urgent respond from you Best regards,
    Mr Philip

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