Real Estate Sales End 2011 on Positive Note (CHART)
National median sales price falls 2.5% in December
BY INMAN NEWS, FRIDAY, JANUARY 20, 2012. Inman News®
U.S. existing-home sales rose for the third straight month in December, finishing 2011 with a modest overall increase in sales from the year before, according to a report released today by the National Association of Realtors.
Sales of single-family homes, townhomes, condos and co-ops saw a 1.7 percent rise in 2011, to 4.26 million homes, from 4.19 million in 2010, the report said. Last month, NAR released adjusted estimates for home sales between 2007-10. The 4.19 million cited for sales in 2010 is the "rebenchmarked" figure. Previously reported median home prices or months' supply of homes for sale were not affected by NAR's rebenchmarking.
In December, existing-home sales rose 3.6 percent year over year and 5 percent month to month, to a seasonally adjusted annual rate of 4.61 million. The national median home price fell 2.5 percent last month, to $164,500.
Existing-home sales (December 2011)
|Seasonally adjusted annual rate||4.61 million|
|% change from Dec. 2010||3.6%|
|% change from November 2011||5%|
|National median price||$164,500|
|% change from Dec. 2010||-2.5%|
|Unsold inventory (months' supply)||6.2|
|Share of all-cash buyers||31%|
|Share of investor buyers||21%|
|Share of first-time buyers||31%|
|Share of distressed sales||32%|
Source: National Association of Realtors.
On a monthly basis, unsold inventory fell 9.2 percent in December to 2.38 million, which represents a 6.2-month supply at the current sales pace -- the lowest inventory level since March 2005, the report said.
"The inventory supply suggests many markets will see prices stabilize or grow moderately in the near future," said Lawrence Yun, NAR chief economist, in a statement. Read More >
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