The National Association of Realtors (NAR) released its November report on existing-home sales. The number of completed transactions on single-family residence, townhomes, condos and co-ops rose 5.6% to a seasonally adjusted 4.68 million in November, up from 4.43 million in October… further confirming that “bottom” of the home sales was back in July and a slow but steady climb is well underway.
Whew…at last the national home sales recovery begins.
A further testament to the recovery in the housing market was seen in the NAR report relative to national median existing-home prices for all housing types at $170,600 in November up .4% from November 2009. On a national level distressed sales remain at about 1/3 of all sales…the bad news is that is quite high, the good news is the percent has stabilized from a year ago, thus indicating the influx is not continuing to grow.
2011 should continue to be a great year for buyers since interest rates, while slowly creeping up, remain at historic lows while prices are favorable. In fact, the NAR report indicates investors accounted for 19% of the transactions in November 2010, a strong increase from the 12% a year ago, November 2009…and in the North East the Median Home Sale Price rose 9.2% year to year in November.
Time to go shopping for real estate… your future wealth will be determined by your current purchases!
To view our latest market reports click here.