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November Existing Home Sales Continue Upward Trend

The National Association of Realtors annouce that existing home sales continue to show improvement.

The National Association of Realtors reported on December 20th that existing home sales continued to show an upward trend.  Total home sales, which includes single-family homes, townhouses, condominiums, and co-ops, rose 14.5% in November 2012, as compared to November 2011. 

Lawrence Yun , NAR chief economist, said " "Momentum continues to build in the housing market from growing jobs and a bursting out of household formation. With lower rental vacancy rates and rising rents, combined with still historically favorable affordability conditions, more people are buying homes. Areas impacted by Hurricane Sandy show storm-related disruptions but overall activity in the Northeast is up, offset by gains in unaffected areas."

 

NAR also noted the following trends:

  • The days on market decreased 28.6% (98 days to 70 days) from November 2011 to November 2012. The days on market for October 2012 was 71 days. Thirty-two percent of homes sold in November were on the market for less than a month, while 20 percent were on the market for six months or longer; these findings are unchanged from October.
  • The number of first time buyers for November 2012 was 30%, as compared to 31% in October 2012 and 35 percent in November 2011.
  • All-cash sales represented 30% of transactions in November 2012, as compared to 29% in October 2012 and 28% in November 2011.


The breakdown by region for existing-home sales.

Region Median Home Prices Change Median Price from November 2011 Change in Existing Home Sales Change in Existing Home Sales as compared to November 2011 Northeast $232,900 -2.0% +6.9% +14.8% Midwest $141,600 +7.0% +7.2% +21.4% South $157,400 +10.5% +7.9% +17.2% West $248,300 +23.9% +0.8% +4.4%

 

To read the entire article, click here.

Paul Weston: Real Estate Broker for the Malden and Greater Boston area.

Website: www.liveinmalden.com

Twitter: PH_Weston

Facebook Page: Paul Weston Real Estate

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