Existing home sales surged 12 percent in December, giving a strong closing for the 2010 housing market. It is the third straight month of home resale improvement nation wide.
Sales volume is now as high as it has been since May 2010, just after the federal home buyer tax credit's expiration.
The number of months needed to sell the current home inventory at the current pace of sales fell by 1.4 months. This is good news and encouraging sign for 2011.
The break down of home sales by buyer type is as follows:
First time home buyers were 33% of all sales
Repeat buyers were 47% of all sales
Real estate investors 20% of all sales
The percentage of cash buyers was also down 2% from November. This suggests that mortgage guidelines may be loosening. This is another sign of economic recovery.
All of this is good news for the economy, however, could drive both interest rates and housing prices higher for the traditional spring home buying season. If you are on the fence about purchasing a home your best deal may be NOW,
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