- Foreclosures sold at an average discount of 22% to market value
- Short sales sold at an average discount of 13% to market value
- Together, foreclosures and short sales accounted for 32% of all home sales
Existing Home Sales Approach Bull Market Territory
The housing market finished 2011 with strength, and is carrying measurable momentum into 2012.
According to data from the National Association of REALTORS®, on a seasonally-adjusted, annualized basis, December's Existing Home Sales climbed by 120,00 units overall from the month prior on its way to an 11-month high.
An "existing home" is a home that's been previously occupied; that cannot be considered new construction.
After 4.61 million existing homes were sold in December, there are now just 2.38 million homes for sale nationwide. The last time the national home supply was this sparse was March 2005.
At today's sales pace, the complete, national home inventory would be exhausted in 6.2 months -- the fastest pace since before the recession. A 6.0-month supply is believed to represent a market in balance.
The December Existing Home Sales report contained noteworthy foreclosure and short sale statistics, too :
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