Dec
23

Home Sales Up All Over the Nation

December 23, 2010

As this tough year comes to a close, we move toward 2011 with signs that the real estate market is improving.

Existing-home sales in November rose 5.6 percent from October, the National Association of Realtors said Wednesday, and that included gains in every region of the country.

“Traditionally there are far fewer buyers competing for properties at this time of the year, so serious buyers have a lot of opportunities during the winter months,” said NAR President Ron Phipps. “Buyers will enjoy favorable affordability conditions into the new year, although mortgage rates are expected to gradually rise as 2011 progresses.”

In November:

*Midwest: Existing-home sales increased 6.4 percent; the median home price was $138,900, down 1.1 percent from November 2009.

*West: Existing-home sales jumped 11.7 percent; median price was $212,500, up 0.4 percent from a year ago.

*Northeast: Existing-home sales rose 2.7 percent; median price was $242,500, a 9.2 percent jump from the same month a year ago.

*South: Existing-home sales rose 2.9 percent; median price was $148,000, down 2.6 percent from a year ago.

Nationwide, the median existing-home price was $170,600 in November; a 0.4 percent increase from November 2009.

“The relationship recently between mortgage interest rates, home prices and family income has been the most favorable on record for buying a home since we started measuring in 1970,” said Lawrence Yun, NAR chief economist. “Therefore, the market is recovering and we should trend up to a healthy, sustainable level in 2011.”

That’s what we like to hear!

Categories: Economy

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