Housing: Year End Reports Reveal Market Coming Back

January 4, 2013 by · Leave a Comment 

Every year-end housing report revealed that the real estate market is recovering quite nicely. Long Island short sales are still a challenge for us here locally, but here is a quick synopsis of each report indicating a recovery:

Existing Home Sales Report

    1. Total existing-home sales rose 5.9 percent in November over last month
    2. Sales are 14.5 percent higher than November 2011
    3. 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 Sales Report

    1. Pending home sales increased in November for the third straight month and reached the highest level in two-and-a-half years
    2. The index is at the highest level since April 2010 when buyers were rushing to beat the deadline for the home buyer tax credit
    3. With the exception of several months affected by tax stimulus, the last time there was a higher reading was in February 2007
    4. On a year-over-year basis, pending home sales have risen for 19 consecutive months

New Home Sales Report

    1. Sales of new homes rose 4.4% in November to a two-and-a-half-year high
    2. This is the highest level since April 2010, when a temporary tax credit boosted demand.
    3. Sales are now 15.3% higher compared to one year ago

Case Shiller Home Price Index

    1. Home prices rose 4.3% in the 12 months ending in October
    2. In nineteen of the 20 cities covered, annual returns in October were higher than September

Enjoy. It’s a good life!

Article Courtesy of KCMBlog

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