Existing-Home Sales Show Market in Recovery
Jan 27, 2012
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Existing-home sales in 2011 rose 1.7% to 4.26 million from 4.19 million in 2010, according to the latest data from the National Association of Realtors,

Existing-home sales have now been up for three months in a row and December sales were above sales of December 2010. Total sales of existing homes in December 2011 were at a seasonally adjusted annual rate of 4.61 million, up 5.0% from the revised 4.39 million rate in November 2011 and up 3.6% from the 4.45 million level in December 2010.

Single-family existing home sales in December 2011 were at a seasonally adjusted annual rate of 4.11 million, up 4.6% from 3.93 million in November 2011 and up 4.3% from 3.94 million in December 2010.

Condominium and co-op existing home sales in December 2011 were at a seasonally adjusted annual rate of 500,000, up 8.7% from 460,000 in November 2011 and 2.0% below 510,000 in December 2010.

These may be signs of a sustained recovery, according to NAR chief economist Lawrence Yun. “The pattern of home sales in recent months demonstrates a market in recovery,” Yun said. “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.”

Estimates are based on completed transactions from listing services, including single-family homes, townhomes, condominiums and co-ops.

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