Existing U.S. home sales rise in January

New York /
Feb.February 23, 2011 02:55 PM

The uptick in existing U.S. home sales continued in January, with sales rising for the third consecutive month at a pace that is now above year-ago levels, according to report released today by the National Association of Realtors. Existing home sales, which are completed transactions that include single-family homes, townhouses, condominiums and co-ops, increased 2.7 percent to a seasonally adjusted annual rate of 5.36 million in January from 5.22 million in December, and are 5.3 percent above the 5.09 million level in January 2010. This is the first time in seven months that sales activity was higher than a year earlier. NAR chief economist Lawrence Yun said the improvement is good but could be better.

“The extremely favorable housing affordability conditions are a big factor, but buyers have been constrained by unnecessarily tight credit,” he said. As a result, there are abnormally high levels of all-cash purchases, along with rising investor activity.” A NAR survey shows that first-time buyers purchased 29 percent of homes in January, down from 33 percent in December and 40 percent in January 2010 when an extended tax credit was in place. Investors accounted for 23 percent of purchases in January, up from 20 percent in December and 17 percent in January 2010. All-cash sales rose to 32 percent in January from 29 percent in December and 26 percent in January 2010. “With tight credit standards, it’s not surprising to see so much activity where cash is king and investors are taking advantage of conditions to purchase undervalued homes,” Yun added. TRD


Related Articles

arrow_forward_ios
The Oppenheim Group's Jason Oppenheim (The Oppenheim Group, Getty)
Commission suits could spell “armageddon”: Jason Oppenheim
Commission suits could spell “armageddon”: Jason Oppenheim
From left: Top Agent Network CEO David Faudman, NAR president Kenny Parcell, and Attorney General Merrick Garland (Getty, Top Agent Network)
Justice Department wants say in pocket listings case against NAR
Justice Department wants say in pocket listings case against NAR
A photo illustration of NAR president Kenny Parcell (Getty, NAR)
NAR hit record membership in 2022, but expects a drop
NAR hit record membership in 2022, but expects a drop
New Orleans Pelican CJ McCollum and 869 South Stonehenge Terrace in West Linn, Oregon (Google Maps, Getty)
New Orleans Pelican CJ McCollum lists Oregon home for $3.5M
New Orleans Pelican CJ McCollum lists Oregon home for $3.5M
(Getty; Illustration by The Real Deal)
Brokering while Black: Agents share tales of discrimination
Brokering while Black: Agents share tales of discrimination
NAR president Kenny Parcell (Illustration by The Real Deal with Getty, NAR)
Supreme Court rejects NAR petition in pocket listing case
Supreme Court rejects NAR petition in pocket listing case
A photo illustration of Arizona Cardinals' owner Michael Bidwill and 7451 N Las Brisas Lane in Paradise Valley (Getty, Google Maps)
Arizona Cardinals owner unloads Paradise Valley mansion
Arizona Cardinals owner unloads Paradise Valley mansion
Home Sales, Housing Market, Redfin, Concessions
With buyers holding the cards, more sellers sweeten resi deals
With buyers holding the cards, more sellers sweeten resi deals
arrow_forward_ios

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

Loading...