Posted by: Marvin Remmich | December 20, 2012

Existing-Home Sales, Prices Maintain Uptrend

Total existing-home sales — completed transactions that include single-family homes, townhomes, condominiums and co-ops — rose 5.9 percent to a seasonally adjusted annual rate of 5.04 million in November from a downwardly revised 4.76 million in October, and are 14.5 percent higher than the 4.40 million-unit pace in November 2011. Sales are at the highest level since November 2009 when the annual pace spiked at 5.44 million.

Lawrence Yun, NAR chief economist, said there is healthy market demand. “Momentum continues to build in the housing market from growing jobs and a bursting out of household formation,” he said. “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.”

The national median existing-home price for all housing types was $180,600 in November, up 10.1 percent from November 2011. This is the ninthconsecutive monthly year-over-year price gain, which last occurred from September 2005 to May 2006.

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