2013 Existing Homes Sales Soared 9.1%

Sales of existing homes increased 1% to a seasonally adjusted annual rate of 4.87 million for December, according to a National Association of Realtors (NAR) report released today. 2013 existing-home sales came in at their highest full-year level since 2006, jumping 9.1% from 2012 to 5.09 million sales.

After a steeper-than-expected dip in November, analysts had hoped for a slightly stronger December rebound to 4.9 million. 

2013 sales soared 9.1% higher, to 5.09 million total sales, over 2012. The numbers include completed transactions on single-family homes, townhouses, condominiums, and co-ops.

"Existing-home sales have risen nearly 20 percent since 2011, with job growth, record low mortgage interest rates and a large pent-up demand driving the market," said Lawrence Yun, NAR chief economist, in a statement today. "We lost some momentum toward the end of 2013 from disappointing job growth and limited inventory, but we ended with a year that was close to normal given the size of our population."

As sales headed higher, prices have increased accordingly. The median 2013 existing-home price was $197,100, 11.5% higher than 2012's number and the strongest gain since 2005..

At current December levels and sales pace, the existing housing inventory equates to a 4.6-month supply, down significantly from November's 5.1 months.

link


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2806790, ~/Articles/ArticleHandler.aspx, 10/23/2014 4:45:22 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement