Existing-home sales continued on an upward trend in December, marking three consecutive months of rising numbers. According to a recent press release from the National Association of Realtors®, December 2011 showed a 5.0 percent increase in existing-home sales and were 3.6 percent higher than those from December 2010.
“The American dream of homeownership is alive and well. We have a large pent-up demand, and household formation is likely to return to normal as the job market steadily improves,” said NAR President Moe Veissi. “More buyers coming into the market mean additional benefits for the overall economy. When people buy homes, they stimulate a lot of related goods and services.”
The information, which was released on January 20, 2012, showed the following data, based on seasonally-adjusted annual rates:
* December 2011 EHS – 4.61 million
* November 2011 EHS – 4.45 million
* October 2011 EHS – 4.25 million
* Total EHS inventory by the end of December 2011 – 2.38 million
(Represents a 6.2 month supply based on current sales pace, down from a 7.2 month supply in November 2011)
* National median existing-home price in December 2011 - $164,500
(Down 2.5% from December 2010)
* All-cash sales in December 2011 – 31% of purchases
(Up from 28% in November and up from 29% in December 2010)
The available inventory data represents the lowest level since March 2005 when there were 2.30 million homes on the market.
This data represents estimates that are based on completed transactions on single-family homes, townhomes, condominiums and co-ops. Visit www.realtor.org/research/research/ehsdata to read the full press release.
On a side note...the AFR team was privileged to assist 926 families with their home financing needs in December, funding152 million dollars. 2011 has come and gone...What was a special year. AFR was able to assist over 8900 families with home financing. Funding over 1.47 BILLION dollars in 2011 for a new record. Congrats to all those families and to the hard working AFR team. On to a bigger and better 2012!