U.S. existing home sales trend upward

New York /
Dec.December 22, 2010 03:11 PM

Existing U.S. home sales began to climb in November, since bottoming out in July, according to a report released today by the National Association of Realtors. Existing home sales — including single-family homes, townhouses, condominiums and co-ops — rose 5.6 percent in November, from 4.43 million in October, but are 27.9 percent below the cyclical peak of 6.49 million in November 2009, which was the initial deadline for the first-time homebuyer tax credit. But economists are optimistic about 2011. “Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable,” said Lawrence Yun, chief economist for NAR. Yun also noted that homebuyers were responding to improved affordability conditions. “The relationship recently between mortgage interest rates, home prices and family income has been the most favorable on record for buying a home since we started measuring in 1970,” he said. “Therefore, the market is recovering and we should trend up to a healthy, sustainable level in 2011.” TRD


Related Articles

arrow_forward_ios
(iStock)
Hot, hot, hot: Resi market sets new price records in March
Hot, hot, hot: Resi market sets new price records in March
The housing market needs 3.8 million single-family homes to meet current demand (iStock)
US needs 4M homes to meet demand from buyers
US needs 4M homes to meet demand from buyers
Brooklyn saw increases in prices, sales and inventory. (Getty, Two Trees)
Brooklyn’s median sales price hit record high in Q1
Brooklyn’s median sales price hit record high in Q1
(iStock)
Pending home sales plunged nearly 11% in February
Pending home sales plunged nearly 11% in February
(iStock/Illustration by Kevin Rebong for The Real Deal)
Survey finds huge pay gap between white and Black realtors
Survey finds huge pay gap between white and Black realtors
(iStock/Illustration by Kevin Rebong for The Real Deal)
Home sales drop in February as inventory remains at all-time low
Home sales drop in February as inventory remains at all-time low
Rex CEO Jack Ryan and Zillow CEO Rich Barton. (Jack Ryan via LinkedIn, Rich Barton via Zillow Group)
Startup sues Zillow for suppressing lower-fee listings
Startup sues Zillow for suppressing lower-fee listings
Home sales were the busiest January on record, but still the fifth month of decline in a row. (iStock)
Pending home sales fall for fifth consecutive month
Pending home sales fall for fifth consecutive month
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...