Housing: Year End Reports Reveal Market Coming Back
Every year-end housing report revealed that the real estate market is recovering quite nicely. Here is a quick synopsis of each:
Existing Home Sales Report
- Total existing-home sales rose 5.9 percent in November over last month
- Sales are 14.5 percent higher than November 2011
- Sales are at the highest level since November 2009
- The national median existing-home price was $180,600 in November, up 10.1 percent from November 2011
- Total housing inventory at the end of November fell to a 4.8-month supply; it was 5.3 months in October, and is the lowest housing supply since September of 2005 when it was 4.6 months
- Pending home sales increased in November for the third straight month and reached the highest level in two-and-a-half years
- The index is at the highest level since April 2010 when buyers were rushing to beat the deadline for the home buyer tax credit
- With the exception of several months affected by tax stimulus, the last time there was a higher reading was in February 2007
- On a year-over-year basis, pending home sales have risen for 19 consecutive months
- Sales of new homes rose 4.4% in November to a two-and-a-half-year high
- This is the highest level since April 2010, when a temporary tax credit boosted demand.
- Sales are now 15.3% higher compared to one year ago
- Home prices rose 4.3% in the 12 months ending in October
- In nineteen of the 20 cities covered, annual returns in October were higher than September
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