U.S. Housing Market Sales of Existing Homes
Slow Growth, Price Declines Moderating
Sales of existing homes rose 4.6% to an annual rate 4.61 million units in December, which takes the annual sales to 4.293 million units. Sales numbers of 2009 and early part of 2010 reflect the impact of the first-time home buyer program. The cycle low for sales of existing homes excluding the swings related to the first-time home buyer program was 3.77 million units for all homes and 3.39 million units for single-family, which occurred in November 2008. With reference to this benchmark, sales of existing single-family homes have moved up 21% in roughly three years.
The improvement has come entirely in 2011 because the gains and losses of 2009 and 2010 were largely temporary and induced by the first-time home buyer program. Sales of all existing homes moved up 2.5% in 2011 from the prior year, while sales of single-family existing homes advanced 2.7% vs. a 4.1% drop in 2010.
The median price of an existing single-family home rose 2.3% from a month ago to $164,500 in December, while the median price fell 2.5% from a year ago in December. The CoreLogic and Case-Shiller home price indexes (data available for November and October, respectively) and the price numbers from the National Association of Realtors show that home price declines are moderating (see Chart 3).
Jan 21, 2012 - 12:13 PM Click here for aricle source
Asha Bangalore is Vice President and Economist at The Northern Trust Company, Chicago. Prior to joining the bank in 1994, she was Consultant to savings and loan institutions and commercial banks at Financial & Economic Strategies Corporation, Chicago.
Blog Archive2017-01-02 11:10:21
Here's to a Wonderful 2017!
Top 5 Reasons You Should Not For Sale By Owner
Existing Home Sales Surge Through The Holidays
The Fed Raised Rates: What Does that Mean for Hous
Luxury Home Sales & the Impact of the Stock Market
Home Sale Up in Every Price Range over $100K
Beautiful Murray Home For Sale
Existing Home Sales Rose in October
Q3 Home Sales Report Salt Lake County
Lenders Step Up to Help VETS
Washington's Birthday - President's Day
High Tide for Area Second Home Investors?
Area Home Listings May Not Be on the MLS
Selling Your Home This Summer?
Mining Underlying Value in Utah Short Sales
Virtual Tours Separate Looky-loos from True Pro
Buying a Local Home is an Opportunity to Quiz the
Utah Real Estate Market Watchers Find Another Surp
ShirLee McGary Earns CRS Designation
Local Buyer Agent Boosts Short Sale Odds
Horse Property in Bluffdale Utah
Great for First Time Home Buyers or Investors
NAR Reports Investor Sales Jumped 65%
FOOLISH MONEY MISTAKES
January Case-Shiller Composite - 20
Click here to see ALL articles.