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December Existing-Home Sales Show Uptrend
Existing-home sales continued on an uptrend in December, rising for three consecutive months and remaining above a year ago, according to the NATIONAL ASSOCIATION OF REALTORS® (NAR).
The latest monthly data shows total existing-home sales rose 5.0 percent in December from a downwardly revised November, and are 3.6 percent higher than in December 2010. The estimates are based on completed transactions from multiple listing services that include single-family homes, townhomes, condominiums and co-ops.
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.”
Regionally, existing-home sales in the Northeast jumped 10.7 percent in December and are 3.3 percent above a year ago. The median price in the Northeast was $231,300, which is 2.7 percent below December 2010. For additional information, read NAR’s press release.
The following information and much more can be found at http://realstorynj.com