According to the National Association of Realtors (NAR), existing-home sales rose sharply in December, and sales increased for the fifth time in the past six months.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 12.3% to a seasonally adjusted annual rate of 5.28 million in December, from an upwardly revised 4.70 million in November, but remain 2.9% below the 5.44 million pace in December 2009.
Lawrence Yun, NAR chief economist, said sales are on an uptrend. "December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery," he said. "The December pace is near the volume we're expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain."
The national median existing-home price for all housing types was $168,800 in December, which is 1.0% below December 2009. Distressed homes rose to a 36% market share in December from 33% in November, and 32% in December 2009. "The modest rise in distressed sales, which typically are discounted 10 to 15% relative to traditional homes, dampened the median price in December, but the flat price trend continues," Yun explained.
Total housing inventory at the end of December fell 4.2% to 3.56 million existing homes available for sale, which represents an 8.1-month supply at the current sales pace, down from a 9.5-month supply in November.
A Realtor survey by NAR showed that 1st time buyers purchased 33% of homes in December, investors 20%, and the balance were repeat buyers. All-cash sales were 29% of the total, up from 22% a year ago. Single-family sales were up over November, but still below December, 2009. Condo and Co-op sales also followed this trend.
Regionally, existing-home sales in the Northeast jumped 13.0% to an annual pace of 870,000 in December but are 5.4% below December 2009. The median price in the Northeast was $237,300, which is 1.4% below a year ago.
Let me answer your questions about our local New Jersey market. Every community, and every neighborhood, has varying market forces. Call or email me to discuss your real estate needs.
Joe Giancarli, SA
Short Sale Specialist
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.newjerseynewhomes.blogspot.com/
www.activerain.com/blogs/josephgiancarli
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