U.S. home sales up month-over-month

Defying the seasonal trend, sales rose by 13.2 percent in December, compared to November, in a survey of 54 metropolitan areas, according to the RE/MAX National Housing report released today. Home sales dropped 5 percent from December 2009, but that was the lowest year-over-year drop the survey has seen in five months. While some industry analysts predict a serious decline in home prices this year, the report showed that home prices dropped by only 2.2 percent from December 2009. The inventory of homes for sale continued a downward trend, falling 8.8 percent from November and 2.9 percent from December 2009. “It’s nice to see that sales were much higher than in November, with a year-over-year difference better than we’ve seen in months, and it’s encouraging that prices appear to be remaining stable,” said Margaret Kelly, RE/MAX CEO. “These positive trends should build as we enter the traditionally strong home buying months in the spring and summer.” TRD